Allspring Global Investments Holdings LLC Lowers Holdings in Sun Communities, Inc. (NYSE:SUI)

Allspring Global Investments Holdings LLC decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 425,740 shares of the real estate investment trust’s stock after selling 12,129 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Sun Communities were worth $52,111,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares during the period. Cascade Investment Advisors Inc. raised its holdings in Sun Communities by 0.8% in the fourth quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock valued at $1,276,000 after acquiring an additional 85 shares in the last quarter. Cetera Trust Company N.A raised its holdings in Sun Communities by 6.0% in the fourth quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock valued at $229,000 after acquiring an additional 105 shares in the last quarter. Avior Wealth Management LLC raised its holdings in Sun Communities by 3.0% in the third quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 125 shares in the last quarter. Finally, CKW Financial Group raised its holdings in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of SUI opened at $126.55 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.12 billion, a PE ratio of 68.04 and a beta of 0.90. The company’s 50 day simple moving average is $124.26 and its 200-day simple moving average is $129.66. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83.

Sun Communities Dividend Announcement

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 dividend of $0.94 per share. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.97%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Wall Street Analyst Weigh In

SUI has been the topic of several analyst reports. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Jefferies Financial Group reduced 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. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $145.00 to $126.00 in a report on Thursday, November 7th. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and reduced their target price for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Finally, Wells Fargo & Company cut their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $134.55.

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.