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

Principal Financial Group Inc. cut its stake in Sun Communities, Inc. (NYSE:SUI) by 28.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,489,203 shares of the real estate investment trust’s stock after selling 1,003,445 shares during the period. Principal Financial Group Inc. owned approximately 2.00% of Sun Communities worth $336,411,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SUI. Quest Partners LLC lifted its holdings in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 381 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Sun Communities by 89.1% during the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 236 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Sun Communities in the second quarter worth about $62,000. Blue Trust Inc. increased its position in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after acquiring an additional 436 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new stake in shares of Sun Communities during the first quarter valued at approximately $90,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analysts Set New Price Targets

SUI has been the subject of a number of recent analyst reports. Evercore ISI raised their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. BMO Capital Markets lowered their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $126.00 in a research report on Thursday. Wells Fargo & Company raised their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $141.82.

Sun Communities Trading Down 6.5 %

Shares of SUI stock opened at $123.16 on Friday. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market cap of $15.35 billion, a PE ratio of 143.21, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $135.52 and its two-hundred day moving average is $126.75.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is 437.21%.

Sun Communities Company Profile

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.