Principal Financial Group Inc. Has $15.33 Million Stock Holdings in Sun Communities, Inc. $SUI

Principal Financial Group Inc. lowered its position in shares of Sun Communities, Inc. (NYSE:SUI) by 13.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 118,848 shares of the real estate investment trust’s stock after selling 19,267 shares during the quarter. Principal Financial Group Inc.’s holdings in Sun Communities were worth $15,331,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Elevation Point Wealth Partners LLC acquired a new position in shares of Sun Communities in the 2nd quarter valued at $30,000. MAI Capital Management lifted its holdings in Sun Communities by 164.4% during the second quarter. MAI Capital Management now owns 267 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 166 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in Sun Communities in the third quarter valued at about $37,000. Farther Finance Advisors LLC grew its stake in Sun Communities by 179.5% in the third quarter. Farther Finance Advisors LLC now owns 313 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 201 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Sun Communities by 37.3% in the second quarter. Smartleaf Asset Management LLC now owns 556 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 151 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SUI shares. Morgan Stanley cut their price objective on Sun Communities from $139.00 to $135.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 25th. UBS Group lifted their price target on shares of Sun Communities from $126.00 to $127.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Jefferies Financial Group set a $142.00 price objective on shares of Sun Communities and gave the stock a “buy” rating in a research report on Monday, November 3rd. Barclays restated an “overweight” rating and set a $144.00 price objective on shares of Sun Communities in a report on Tuesday, January 13th. Finally, Truist Financial upped their target price on shares of Sun Communities from $141.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sun Communities has an average rating of “Hold” and an average price target of $137.46.

Sun Communities Stock Performance

Shares of SUI opened at $125.53 on Tuesday. The stock has a market capitalization of $15.52 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 4.14 and a beta of 0.90. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $137.77. The firm has a fifty day simple moving average of $125.07 and a 200 day simple moving average of $125.73. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.58.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Wednesday, December 31st were issued a $1.04 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $4.16 annualized dividend and a dividend yield of 3.3%. Sun Communities’s dividend payout ratio (DPR) is presently 52.13%.

Insider Activity

In related news, Director Gary A. Shiffman sold 156,875 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.53, for a total transaction of $19,378,768.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.