GAMMA Investing LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

GAMMA Investing LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 642 shares of the real estate investment trust’s stock, valued at approximately $80,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. PGGM Investments acquired a new stake in shares of Sun Communities in the 3rd quarter worth $130,082,000. JPMorgan Chase & Co. raised its position in Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd acquired a new position in Sun Communities during the third quarter valued at $104,406,000. Rush Island Management LP acquired a new stake in Sun Communities during the 3rd quarter worth about $65,134,000. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of Sun Communities in the fourth quarter worth about $37,775,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SUI shares. Compass Point boosted their price target on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Truist Financial cut their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 target price on the stock. BMO Capital Markets decreased their price target on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, January 22nd. Finally, JMP Securities reiterated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. One 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $141.17.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction on 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 transaction, the director now directly owns 28,400 shares in the company, valued at $3,724,092. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is currently owned by company insiders.

Sun Communities Price Performance

NYSE:SUI opened at $120.22 on Tuesday. The company has a market capitalization of $14.98 billion, a P/E ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $141.52. The stock’s fifty day moving average is $126.91 and its two-hundred day moving average is $125.47.

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 given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.13%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

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.