National Bank of Canada FI Has $18.56 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

National Bank of Canada FI lifted its holdings in Sun Communities, Inc. (NYSE:SUI) by 499.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 157,977 shares of the real estate investment trust’s stock after purchasing an additional 131,641 shares during the quarter. National Bank of Canada FI’s holdings in Sun Communities were worth $18,562,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. UniSuper Management Pty Ltd grew its position in shares of Sun Communities by 3.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 37,100 shares of the real estate investment trust’s stock valued at $4,770,000 after purchasing an additional 1,200 shares during the period. Edgestream Partners L.P. boosted its position in Sun Communities by 85.0% during the 1st quarter. Edgestream Partners L.P. now owns 7,680 shares of the real estate investment trust’s stock worth $987,000 after acquiring an additional 3,529 shares during the last quarter. Nicola Wealth Management LTD. boosted its position in Sun Communities by 36.2% during the 1st quarter. Nicola Wealth Management LTD. now owns 95,184 shares of the real estate investment trust’s stock worth $12,680,000 after acquiring an additional 25,300 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Sun Communities by 175.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 183,895 shares of the real estate investment trust’s stock worth $23,264,000 after acquiring an additional 117,251 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its position in Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after acquiring an additional 96,529 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

SUI traded down $1.16 during trading hours on Wednesday, reaching $122.37. The company’s stock had a trading volume of 347,793 shares, compared to its average volume of 749,074. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $141.52. The company’s 50-day moving average is $119.43 and its 200-day moving average is $123.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. The firm has a market cap of $15.25 billion, a PE ratio of 105.49, a price-to-earnings-growth ratio of 0.93 and a beta of 0.88.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Royal Bank of Canada reduced their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. JMP Securities reiterated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. Finally, Evercore ISI dropped their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $134.40.

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.