Baillie Gifford & Co. Has $5.06 Million Stake in Sun Communities, Inc. (NYSE:SUI)

Baillie Gifford & Co. decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 43.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,182 shares of the real estate investment trust’s stock after selling 31,965 shares during the quarter. Baillie Gifford & Co.’s holdings in Sun Communities were worth $5,064,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Legacy Trust acquired a new position in Sun Communities during the 4th quarter worth about $625,000. Aurora Investment Managers LLC. lifted its holdings in Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after buying an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings 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 worth $95,885,000 after buying an additional 108,054 shares during the period. Victory Capital Management Inc. lifted its holdings in Sun Communities by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock worth $10,434,000 after buying an additional 5,008 shares during the period. Finally, VCI Wealth Management LLC acquired a new position in Sun Communities during the 4th quarter worth about $1,312,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of SUI opened at $125.96 on Wednesday. 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 stock has a 50 day moving average price of $124.28 and a two-hundred day moving average price of $129.62. The firm has a market capitalization of $16.05 billion, a P/E ratio of 67.72 and a beta of 0.90. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Royal Bank of Canada cut their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Bank of America lowered Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Jefferies Financial Group lowered their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Finally, UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $134.55.

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.