DNB Asset Management AS Grows Holdings in Sun Communities, Inc. (NYSE:SUI)

DNB Asset Management AS increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,249 shares of the real estate investment trust’s stock after acquiring an additional 349 shares during the quarter. DNB Asset Management AS’s holdings in Sun Communities were worth $2,316,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SUI. Farmers & Merchants Investments Inc. purchased a new stake in shares of Sun Communities in the 1st quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities during the fourth quarter worth about $32,000. CKW Financial Group acquired a new position in Sun Communities during the first quarter valued at approximately $38,000. Quest Partners LLC purchased a new position in shares of Sun Communities in the fourth quarter valued at $51,000. Finally, GAMMA Investing LLC acquired a new stake in Sun Communities in the fourth quarter valued at $80,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SUI has been the topic of a number of analyst reports. StockNews.com raised shares of Sun Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada increased their price target on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday. JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. Finally, Evercore ISI lowered their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sun Communities has an average rating of “Hold” and an average target price of $135.10.

Sun Communities Stock Performance

Shares of SUI traded up $0.97 during mid-day trading on Tuesday, hitting $131.16. The stock had a trading volume of 530,466 shares, compared to its average volume of 744,950. The firm has a market cap of $16.35 billion, a P/E ratio of 114.48, a PEG ratio of 1.00 and a beta of 0.88. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $137.45. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The business has a fifty day moving average price of $120.67 and a 200-day moving average price of $123.38.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.76 annualized dividend and a yield of 2.87%. Sun Communities’s payout ratio is 324.14%.

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.