Sun Communities, Inc. (NYSE:SUI) Position Boosted by Toroso Investments LLC

Toroso Investments LLC lifted its stake in Sun Communities, Inc. (NYSE:SUI – Get Rating) by 8.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,279 shares of the real estate investment trust’s stock after purchasing an additional 556 shares during the quarter. Toroso Investments LLC’s holdings in Sun Communities were worth $985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. PGGM Investments purchased a new stake in Sun Communities in the 3rd quarter worth approximately $134,497,000. Invesco Ltd. raised its holdings in shares of Sun Communities by 72.4% during the first quarter. Invesco Ltd. now owns 1,916,668 shares of the real estate investment trust’s stock worth $335,973,000 after acquiring an additional 805,125 shares in the last quarter. State Street Corp boosted its position in Sun Communities by 11.7% during the first quarter. State Street Corp now owns 5,647,271 shares of the real estate investment trust’s stock valued at $994,744,000 after purchasing an additional 591,348 shares during the last quarter. Vanguard Group Inc. grew its stake in Sun Communities by 3.0% in the third quarter. Vanguard Group Inc. now owns 17,409,317 shares of the real estate investment trust’s stock valued at $2,356,002,000 after purchasing an additional 505,660 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Sun Communities by 109.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 878,631 shares of the real estate investment trust’s stock worth $118,905,000 after purchasing an additional 459,026 shares during the last quarter. 93.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SUI has been the subject of several research reports. Robert W. Baird reduced their price target on Sun Communities from $175.00 to $169.00 in a report on Friday, November 25th. JMP Securities restated a “market outperform” rating and set a $160.00 price target on shares of Sun Communities in a research note on Wednesday, March 8th. Finally, Truist Financial lifted their price objective on shares of Sun Communities from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, November 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $168.86.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $134.14 on Friday. Sun Communities, Inc. has a 1-year low of $117.63 and a 1-year high of $193.67. The firm has a fifty day simple moving average of $149.10 and a 200-day simple moving average of $143.35. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $16.69 billion, a price-to-earnings ratio of 67.75, a PEG ratio of 2.84 and a beta of 0.70.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be given a $0.93 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.88. This represents a $3.72 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Thursday, March 30th. Sun Communities’s dividend payout ratio (DPR) is currently 177.78%.

Insider Transactions at Sun Communities

In related news, Director Clunet R. Lewis sold 1,500 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $148.51, for a total transaction of $222,765.00. Following the completion of the sale, the director now owns 26,900 shares in the company, valued at approximately $3,994,919. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.25% of the stock is currently owned by corporate insiders.

Sun Communities Profile

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Sun Communities, Inc provides real estate management services. The firm operates through the following segments: Manufactured Home Communities, Recreational Vehicle, and Marina. The Manufactured Home Communities segment owns, operates, and develops manufactured housing communities and is in the business of acquiring, operating, and developing ground up communities to provide housing solutions.