California Public Employees Retirement System Lowers Holdings in Sun Communities, Inc. (NYSE:SUI)

California Public Employees Retirement System cut its position in Sun Communities, Inc. (NYSE:SUI) by 3.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 222,524 shares of the real estate investment trust’s stock after selling 7,049 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Sun Communities worth $29,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SUI. AE Wealth Management LLC lifted its stake in Sun Communities by 8.9% in the 3rd quarter. AE Wealth Management LLC now owns 3,171 shares of the real estate investment trust’s stock worth $375,000 after purchasing an additional 259 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Sun Communities by 19.5% during the 3rd quarter. SG Americas Securities LLC now owns 10,361 shares of the real estate investment trust’s stock valued at $1,226,000 after buying an additional 1,691 shares in the last quarter. Manning & Napier Group LLC raised its position in shares of Sun Communities by 7.5% during the 3rd quarter. Manning & Napier Group LLC now owns 110,031 shares of the real estate investment trust’s stock valued at $13,021,000 after buying an additional 7,641 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Sun Communities by 2.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 8,102 shares of the real estate investment trust’s stock valued at $959,000 after buying an additional 155 shares in the last quarter. Finally, Nixon Peabody Trust Co. bought a new position in shares of Sun Communities during the 3rd quarter valued at $320,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.1 %

Shares of Sun Communities stock opened at $119.08 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $14.84 billion, a PE ratio of 104.46, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $141.52. The company has a 50-day simple moving average of $127.11 and a two-hundred day simple moving average of $125.26.

Sun Communities Increases Dividend

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

Wall Street Analyst Weigh In

SUI has been the topic of several recent research reports. Barclays reduced their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 target price on the stock. BMO Capital Markets reduced their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Compass Point increased their target price on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Finally, Truist Financial cut their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $141.17.

Insiders Place Their Bets

In other news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Clunet R. Lewis sold 500 shares of the business’s 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 completion of the sale, the director now directly owns 28,400 shares in the company, valued at $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. Insiders own 1.89% of the company’s stock.

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.