M&T Bank Corp Sells 784 Shares of Sun Communities, Inc. (NYSE:SUI)

M&T Bank Corp decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,813 shares of the real estate investment trust’s stock after selling 784 shares during the period. M&T Bank Corp’s holdings in Sun Communities were worth $2,381,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Sun Communities by 5.3% in the fourth 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 in the last quarter. Strs Ohio increased its position in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after purchasing an additional 23,792 shares in the last quarter. abrdn plc increased its position in shares of Sun Communities by 33.8% during the fourth quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock worth $10,229,000 after purchasing an additional 19,314 shares in the last quarter. Natixis Advisors L.P. increased its position in shares of Sun Communities by 50.9% during the fourth quarter. Natixis Advisors L.P. now owns 211,615 shares of the real estate investment trust’s stock worth $28,281,000 after purchasing an additional 71,379 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Sun Communities by 75.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after purchasing an additional 570,329 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SUI shares. Compass Point upped their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. BMO Capital Markets reduced their price target on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. Barclays reduced their price target on Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a research report on Friday, January 26th. Royal Bank of Canada reduced their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $138.92.

Insider Buying and Selling

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now directly owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The shares were 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 have sold a total of 7,000 shares of company stock valued at $912,460 over the last ninety days. Company insiders own 1.89% of the company’s stock.

Sun Communities Price Performance

NYSE:SUI opened at $116.72 on Thursday. The firm’s fifty day moving average is $124.65 and its two-hundred day moving average is $125.82. The firm has a market cap of $14.55 billion, a price-to-earnings ratio of 100.62, a PEG ratio of 1.05 and a beta of 0.83. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $141.52.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.22%. Sun Communities’s dividend payout ratio is presently 324.14%.

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.