Royal London Asset Management Ltd. Has $6.75 Million Position in Sun Communities, Inc. (NYSE:SUI)

Royal London Asset Management Ltd. grew its stake in Sun Communities, Inc. (NYSE:SUI) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,490 shares of the real estate investment trust’s stock after buying an additional 3,173 shares during the period. Royal London Asset Management Ltd.’s holdings in Sun Communities were worth $6,748,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Sun Communities in the 4th quarter valued at $32,000. Quest Partners LLC acquired a new stake in Sun Communities during the 4th quarter worth about $51,000. GAMMA Investing LLC bought a new position in shares of Sun Communities in the 4th quarter worth about $80,000. Tobam lifted its stake in shares of Sun Communities by 64.0% in the 4th quarter. Tobam now owns 743 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 290 shares during the period. Finally, Sugarloaf Wealth Management LLC boosted its position in shares of Sun Communities by 33.9% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 215 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SUI has been the subject of several recent analyst reports. 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. 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 report on Wednesday, May 1st. Compass Point boosted their target price on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. Royal Bank of Canada dropped their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Truist Financial decreased their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has an average rating of “Hold” and an average target price of $136.27.

Insider Activity

In related news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders own 1.89% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $0.80 during midday trading on Friday, reaching $116.64. The company had a trading volume of 420,095 shares, compared to its average volume of 625,003. The stock has a market cap of $14.54 billion, a P/E ratio of 100.55, a P/E/G ratio of 1.02 and a beta of 0.87. The company’s 50 day moving average price is $118.45 and its 200 day moving average price is $126.03. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $141.52.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s dividend payout ratio is currently 324.14%.

About Sun Communities

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.