Sun Communities, Inc. (NYSE:SUI) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 93.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 151,234 shares of the real estate investment trust’s stock after selling 2,337,969 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Sun Communities worth $18,597,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SUI. FMR LLC raised its position in shares of Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after buying an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock valued at $178,868,000 after acquiring an additional 1,209,522 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Sun Communities by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust’s stock worth $145,359,000 after purchasing an additional 3,254 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in Sun Communities by 58.8% in the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after purchasing an additional 355,427 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock valued at $95,885,000 after purchasing an additional 108,054 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $155.00 to $134.00 in a research note on Thursday, November 14th. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. Jefferies Financial Group dropped their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $134.55.

Sun Communities Trading Up 6.5 %

Sun Communities stock opened at $134.23 on Tuesday. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $17.10 billion, a price-to-earnings ratio of 72.17 and a beta of 0.90. The company has a 50 day moving average price of $124.79 and a 200 day moving average price of $129.49.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.94 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.80%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

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.