Van ECK Associates Corp raised its holdings in Sun Communities, Inc. (NYSE:SUI – Free Report) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,485 shares of the real estate investment trust’s stock after buying an additional 1,507 shares during the period. Van ECK Associates Corp’s holdings in Sun Communities were worth $5,264,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in Sun Communities by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,013,843 shares of the real estate investment trust’s stock valued at $119,978,000 after buying an additional 8,200 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Sun Communities by 29.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 14,331 shares of the real estate investment trust’s stock valued at $1,696,000 after buying an additional 3,268 shares during the last quarter. Atria Wealth Solutions Inc. increased its stake in Sun Communities by 6.9% in the 3rd quarter. Atria Wealth Solutions Inc. now owns 2,300 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 148 shares during the last quarter. Spire Wealth Management increased its stake in Sun Communities by 102.2% in the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 235 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 0.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,312,909 shares of the real estate investment trust’s stock valued at $273,710,000 after buying an additional 16,368 shares during the last quarter. 94.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on SUI. Compass Point decreased their price objective on shares of Sun Communities from $125.00 to $116.00 and set a “neutral” rating for the company in a research report on Friday, October 27th. JMP Securities reissued a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research report on Wednesday, December 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective for the company. BMO Capital Markets decreased their price objective on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. Finally, Barclays decreased their price objective on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned 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 price target of $141.00.
Insiders Place Their Bets
In other Sun Communities news, CEO Baxter Underwood sold 2,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $128.99, for a total transaction of $257,980.00. Following the transaction, the chief executive officer now owns 66,896 shares in the company, valued at approximately $8,628,915.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.06% of the company’s stock.
Sun Communities Price Performance
Shares of NYSE SUI opened at $125.50 on Monday. The firm has a market cap of $15.62 billion, a P/E ratio of 68.58, a price-to-earnings-growth ratio of 6.77 and a beta of 0.80. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.94. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $159.26. The business’s 50 day moving average is $130.60 and its 200-day moving average is $123.59.
Sun Communities Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were paid a dividend of $0.93 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $3.72 dividend on an annualized basis and a yield of 2.96%. Sun Communities’s dividend payout ratio (DPR) is presently 203.28%.
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 September 30, 2023, the Company owned, operated, or had an interest in a portfolio of 670 developed MH, RV and Marina properties comprising approximately 180,170 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.
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