abrdn plc Acquires 19,314 Shares of Sun Communities, Inc. (NYSE:SUI)

abrdn plc boosted its holdings in Sun Communities, Inc. (NYSE:SUI) by 33.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,538 shares of the real estate investment trust’s stock after acquiring an additional 19,314 shares during the quarter. abrdn plc owned 0.06% of Sun Communities worth $10,229,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SUI. PGGM Investments bought a new position in shares of Sun Communities during the 3rd quarter valued at $130,082,000. JPMorgan Chase & Co. increased its stake in Sun Communities by 18.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares in the last quarter. Resolution Capital Ltd purchased a new stake in Sun Communities in the 3rd quarter worth $104,406,000. Rush Island Management LP purchased a new stake in Sun Communities in the 3rd quarter worth $65,134,000. Finally, Ceredex Value Advisors LLC purchased a new position in shares of Sun Communities during the fourth quarter valued at about $37,775,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Down 1.1 %

Shares of NYSE SUI opened at $118.92 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market cap of $14.82 billion, a P/E ratio of 104.32, a PEG ratio of 1.08 and a beta of 0.80. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The firm has a 50-day simple moving average of $127.32 and a two-hundred day simple moving average of $125.16.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a $0.94 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 annualized dividend and a yield of 3.16%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Insiders Place Their Bets

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock valued at $912,460 over the last 90 days. Insiders own 1.89% of the company’s stock.

Analyst Ratings Changes

SUI has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price objective for the company. BMO Capital Markets cut their price objective on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. Compass Point raised their price objective on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. Barclays cut 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. Finally, JMP Securities restated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $141.17.

Sun Communities 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.