Harvest Portfolios Group Inc. Sells 2,897 Shares of Sun Communities, Inc. (NYSE:SUI)

Harvest Portfolios Group Inc. lessened its position in shares of Sun Communities, Inc. (NYSE:SUI) by 9.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,612 shares of the real estate investment trust’s stock after selling 2,897 shares during the period. Harvest Portfolios Group Inc.’s holdings in Sun Communities were worth $4,031,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MetLife Investment Management LLC bought a new stake in Sun Communities in the first quarter worth approximately $401,000. Yousif Capital Management LLC increased its stake in shares of Sun Communities by 12.2% in the 1st quarter. Yousif Capital Management LLC now owns 6,798 shares of the real estate investment trust’s stock valued at $1,192,000 after acquiring an additional 739 shares in the last quarter. Raymond James Trust N.A. boosted its stake in Sun Communities by 21.1% during the first quarter. Raymond James Trust N.A. now owns 1,190 shares of the real estate investment trust’s stock worth $208,000 after acquiring an additional 207 shares in the last quarter. Prudential PLC acquired a new stake in Sun Communities in the first quarter worth $385,000. Finally, Cetera Investment Advisers increased its stake in Sun Communities by 1.9% in the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock valued at $605,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 94.79% of the company’s stock.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood acquired 400 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were acquired at an average price of $119.93 per share, with a total value of $47,972.00. Following the completion of the transaction, the chief executive officer now owns 73,633 shares in the company, valued at $8,830,805.69. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Baxter Underwood acquired 400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired at an average price of $119.93 per share, for a total transaction of $47,972.00. Following the completion of the acquisition, the chief executive officer now owns 73,633 shares of the company’s stock, valued at approximately $8,830,805.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Marc Farrugia sold 4,962 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total transaction of $614,791.80. Following the completion of the transaction, the executive vice president now owns 5,093 shares in the company, valued at $631,022.70. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SUI. Barclays cut their price objective on shares of Sun Communities from $168.00 to $158.00 in a research report on Thursday, July 6th. Royal Bank of Canada decreased their price objective on Sun Communities from $158.00 to $153.00 in a report on Tuesday, May 30th. StockNews.com assumed coverage on Sun Communities in a research report on Thursday, August 17th. They set a “sell” rating on the stock. BMO Capital Markets reduced their price target on shares of Sun Communities from $148.00 to $143.00 and set an “outperform” rating for the company in a research report on Monday. Finally, JMP Securities decreased their price target on shares of Sun Communities from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and an average target price of $153.56.

Sun Communities Trading Down 0.0 %

NYSE SUI opened at $122.61 on Thursday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $127.66 and a 200 day simple moving average of $132.31. Sun Communities, Inc. has a 12 month low of $117.63 and a 12 month high of $163.83. The firm has a market capitalization of $15.26 billion, a P/E ratio of 66.64, a PEG ratio of 3.33 and a beta of 0.71.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 EPS for the quarter, missing the consensus estimate of $1.95 by ($1.23). Sun Communities had a net margin of 7.27% and a return on equity of 2.80%. The firm had revenue of $863.50 million during the quarter, compared to analysts’ expectations of $834.99 million. During the same quarter in the prior year, the company earned $2.02 EPS. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that Sun Communities, Inc. will post 7.12 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Thursday, September 28th. Sun Communities’s dividend payout ratio is presently 202.17%.

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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.