NewEdge Wealth LLC Buys New Stake in Sun Communities, Inc. (NYSE:SUI)

NewEdge Wealth LLC bought a new stake in shares of Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,232 shares of the real estate investment trust’s stock, valued at approximately $298,000.

Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Sun Communities by 2.6% during the first quarter. BlackRock Inc. now owns 10,936,309 shares of the real estate investment trust’s stock valued at $1,540,707,000 after acquiring an additional 273,133 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after purchasing an additional 1,040,076 shares during the last quarter. State Street Corp lifted its position in Sun Communities by 1.5% during the first quarter. State Street Corp now owns 5,879,907 shares of the real estate investment trust’s stock valued at $833,364,000 after purchasing an additional 85,103 shares during the last quarter. Principal Financial Group Inc. lifted its position in Sun Communities by 1.9% during the third quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust’s stock valued at $535,331,000 after purchasing an additional 84,767 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Sun Communities by 4.5% during the third quarter. Daiwa Securities Group Inc. now owns 2,565,944 shares of the real estate investment trust’s stock valued at $303,653,000 after purchasing an additional 109,598 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Down 0.1 %

Shares of SUI opened at $118.38 on Thursday. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The company has a 50-day moving average of $128.19 and a 200 day moving average of $125.09. The firm has a market capitalization of $14.75 billion, a price-to-earnings ratio of 103.84, a PEG ratio of 7.58 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.94 per share. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.18%. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock worth $912,460 in the last 90 days. 1.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lowered 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. BMO Capital Markets lowered 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. Truist Financial lowered their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. JMP Securities restated a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a report on Wednesday, March 20th. Finally, Compass Point raised their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Sun Communities has an average rating of “Hold” and a consensus target price of $141.17.

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 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.