Sun Communities, Inc. (NYSE:SUI) Shares Purchased by DNB Asset Management AS

DNB Asset Management AS increased its position in Sun Communities, Inc. (NYSE:SUI) by 1.8% in the second quarter, HoldingsChannel reports. The firm owned 19,249 shares of the real estate investment trust’s stock after acquiring an additional 349 shares during the period. DNB Asset Management AS’s holdings in Sun Communities were worth $2,316,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Farmers & Merchants Investments Inc. bought a new position in shares of Sun Communities during the 1st quarter valued at $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities during the 4th quarter valued at about $32,000. CKW Financial Group acquired a new position in Sun Communities in the first quarter valued at about $38,000. Quest Partners LLC acquired a new position in shares of Sun Communities during the fourth quarter worth approximately $51,000. Finally, GAMMA Investing LLC acquired a new position in shares of Sun Communities during the fourth quarter worth approximately $80,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $0.97 during midday trading on Tuesday, reaching $131.16. The company had a trading volume of 530,466 shares, compared to its average volume of 744,950. The company’s 50 day moving average price is $120.67 and its 200 day moving average price is $123.38. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The stock has a market cap of $16.35 billion, a P/E ratio of 114.48, a P/E/G ratio of 1.00 and a beta of 0.88. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $137.45.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SUI. StockNews.com raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada increased their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday. JMP Securities restated a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a report on Thursday, May 2nd. Finally, Evercore ISI cut their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus price target of $135.10.

About Sun Communities

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.