Truist Financial Corp Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Truist Financial Corp reduced its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,272 shares of the real estate investment trust’s stock after selling 1,005 shares during the period. Truist Financial Corp’s holdings in Sun Communities were worth $4,714,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Sun Communities by 5.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after buying an additional 33,795 shares during the period. Strs Ohio increased its stake in Sun Communities by 8.6% during the 4th quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after buying an additional 23,792 shares during the period. abrdn plc increased its position in shares of Sun Communities by 33.8% in the 4th quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock valued at $10,229,000 after purchasing an additional 19,314 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Sun Communities by 9.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock valued at $219,000 after purchasing an additional 155 shares during the last quarter. Finally, DNB Asset Management AS increased its position in shares of Sun Communities by 5.6% in the 4th quarter. DNB Asset Management AS now owns 17,647 shares of the real estate investment trust’s stock valued at $2,359,000 after purchasing an additional 932 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The stock was 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. Insiders sold a total of 7,000 shares of company stock worth $912,460 in the last 90 days. Company insiders own 1.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on SUI shares. Evercore ISI dropped 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 report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective on the stock. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Truist Financial dropped their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. Finally, BMO Capital Markets dropped their price objective on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $138.92.

Sun Communities Stock Up 0.6 %

Shares of NYSE:SUI opened at $117.30 on Monday. The stock has a market cap of $14.62 billion, a P/E ratio of 101.12, a P/E/G ratio of 1.05 and a beta of 0.83. The firm has a fifty day moving average price of $125.54 and a 200 day moving average price of $125.73. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.21%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 324.14%.

Sun Communities Company 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.