M&T Bank Corp Reduces Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

M&T Bank Corp lowered its position in Sun Communities, Inc. (NYSE:SUI) by 4.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,813 shares of the real estate investment trust’s stock after selling 784 shares during the period. M&T Bank Corp’s holdings in Sun Communities were worth $2,381,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Sugarloaf Wealth Management LLC increased its position in shares of Sun Communities by 9.2% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust’s stock valued at $124,000 after buying an additional 78 shares in the last quarter. Yousif Capital Management LLC increased its position in Sun Communities by 1.7% during the 4th quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock worth $833,000 after purchasing an additional 105 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Sun Communities by 1.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,002 shares of the real estate investment trust’s stock worth $710,000 after purchasing an additional 112 shares in the last quarter. Lindbrook Capital LLC increased its position in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 125 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in Sun Communities by 3.1% during the 3rd quarter. CIBC Asset Management Inc now owns 4,306 shares of the real estate investment trust’s stock worth $510,000 after purchasing an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays dropped their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. Evercore ISI dropped their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Truist Financial dropped their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. JMP Securities reissued a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada decreased their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $138.92.

Sun Communities Stock Performance

NYSE SUI opened at $116.72 on Thursday. The firm has a market capitalization of $14.55 billion, a P/E ratio of 100.62, a P/E/G ratio of 1.05 and a beta of 0.83. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The business’s 50-day simple moving average is $124.65 and its 200-day simple moving average is $125.82.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity

In other news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $912,460 in the last three months. Corporate insiders own 1.89% of the company’s stock.

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.