CIBC Asset Management Inc Acquires 606 Shares of Sun Communities, Inc. (NYSE:SUI)

CIBC Asset Management Inc raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 13.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,007 shares of the real estate investment trust’s stock after acquiring an additional 606 shares during the period. CIBC Asset Management Inc’s holdings in Sun Communities were worth $616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Trust bought a new stake in shares of Sun Communities during the 4th quarter valued at $625,000. Aurora Investment Managers LLC. raised its position in shares of Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock valued at $3,380,000 after acquiring an additional 2,435 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock valued at $95,885,000 after acquiring an additional 108,054 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Sun Communities by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock valued at $10,434,000 after acquiring an additional 5,008 shares during the last quarter. Finally, VCI Wealth Management LLC bought a new stake in shares of Sun Communities during the 4th quarter valued at $1,312,000. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 0.7 %

Sun Communities stock opened at $125.84 on Friday. The firm has a 50-day moving average of $124.56 and a 200-day moving average of $129.46. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 67.66 and a beta of 0.90.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.99%. Sun Communities’s dividend payout ratio is 202.15%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SUI. BMO Capital Markets lowered their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company lowered their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Jefferies Financial Group lowered their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Finally, UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $134.55.

Sun Communities 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.