Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Baillie Gifford & Co.

Baillie Gifford & Co. grew its position in shares of Sun Communities, Inc. (NYSE:SUI) by 15.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,033 shares of the real estate investment trust’s stock after acquiring an additional 15,333 shares during the quarter. Baillie Gifford & Co. owned about 0.09% of Sun Communities worth $14,405,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SUI. Bank of Nova Scotia lifted its position in Sun Communities by 16.2% during the third quarter. Bank of Nova Scotia now owns 3,612 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 503 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Sun Communities during the 3rd quarter worth $466,000. Advisors Asset Management Inc. increased its holdings in Sun Communities by 25.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 12,211 shares of the real estate investment trust’s stock valued at $1,445,000 after purchasing an additional 2,451 shares in the last quarter. Kennedy Capital Management LLC raised its position in Sun Communities by 18.5% in the third quarter. Kennedy Capital Management LLC now owns 84,700 shares of the real estate investment trust’s stock valued at $10,023,000 after purchasing an additional 13,250 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after purchasing an additional 1,040,076 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 1.0 %

Sun Communities stock traded up $1.22 during midday trading on Friday, hitting $118.95. The stock had a trading volume of 352,841 shares, compared to its average volume of 654,997. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The business has a fifty day moving average price of $117.63 and a 200 day moving average price of $124.71. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $141.52. The stock has a market cap of $14.82 billion, a P/E ratio of 102.49, a P/E/G ratio of 1.04 and a beta of 0.88.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Analyst Ratings Changes

A number of research firms have recently issued reports on SUI. Compass Point increased their target price on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, March 21st. 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 note on Monday, March 18th. Royal Bank of Canada decreased their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Evercore ISI cut 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. Finally, JMP Securities reissued a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $136.27.

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.