Vestmark Advisory Solutions Inc. significantly increased its ownership in Sun Communities, Inc. (NYSE: SUI) by 207.6% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The investment firm now holds 16,311 shares of the real estate investment trust (REIT) after acquiring an additional 11,009 shares over the quarter. The total value of Vestmark’s holdings in Sun Communities is approximately $2.06 million.
Several other institutional investors have also adjusted their positions in Sun Communities. Notably, GAMMA Investing LLC expanded its stake by 8.0% during the same period, now owning 1,131 shares valued at around $143,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake by 0.4% in the first quarter, bringing its total to 27,108 shares, worth approximately $3.49 million. Similarly, PNC Financial Services Group Inc. raised its holdings by 4.2%, now owning 2,504 shares valued at $322,000.
Other firms, including HB Wealth Management LLC and Twin Tree Management LP, have also recently positioned themselves in Sun Communities, contributing to the trend of institutional investment in the company. Currently, institutional and hedge fund investors control an impressive 99.59% of Sun Communities’ stock.
Current Stock Performance and Market Insights
As of the latest trading session, Sun Communities shares opened at $126.62. The company has maintained a 50-day moving average price of $126.38 and a 200-day moving average of $125.43. Sun Communities boasts a market capitalization of $15.66 billion, a debt-to-equity ratio of 0.55, and a price-to-earnings ratio of 15.87. Over the past year, the stock has seen a low of $109.22 and a high of $137.77.
In addition to its investment activities, Sun Communities recently declared its quarterly dividend, which was paid on October 15, 2023. Shareholders who were on record as of September 30, 2023 received a dividend of $1.04 per share, translating to an annualized dividend of $4.16 and a yield of 3.3%. The company’s current payout ratio stands at 52.13%.
Analysts’ Perspectives and Future Outlook
Market analysts have recently updated their outlooks for Sun Communities. Robert W. Baird raised its price target from $126.00 to $134.00, maintaining a “neutral” rating as of August 11, 2023. Morgan Stanley assigned a target price of $142.00, while Royal Bank of Canada adjusted theirs from $142.00 to $143.00, rating the stock as “outperform.” Truist Financial and Jefferies Financial Group also set revised targets of $141.00 and $142.00, respectively, both categorizing the stock as a “buy.”
Currently, research indicates that five analysts rate Sun Communities as a “buy,” eight have issued a “hold” rating, and one has given a “sell” rating. According to data from MarketBeat, the average rating for the REIT is “hold,” with an average price target of $137.23.
Sun Communities, Inc., established in 1975 and publicly traded since December 1993, operates as a fully integrated REIT listed on the New York Stock Exchange under the symbol SUI. As of December 31, 2023, the company managed a diverse portfolio comprising 667 developed manufactured housing, recreational vehicle, and marina properties, totaling 179,310 developed sites alongside approximately 48,030 wet slips and dry storage spaces across the United States, the United Kingdom, and Canada.
