CIBC Asset Management Inc Sells 316 Shares of Sun Communities, Inc. (NYSE:SUI)

CIBC Asset Management Inc decreased its position in Sun Communities, Inc. (NYSE:SUIFree Report) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,990 shares of the real estate investment trust’s stock after selling 316 shares during the period. CIBC Asset Management Inc’s holdings in Sun Communities were worth $533,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Quest Partners LLC bought a new position in Sun Communities in the fourth quarter worth $51,000. Spire Wealth Management increased its stake in Sun Communities by 102.2% in the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 235 shares during the period. GAMMA Investing LLC acquired a new position in Sun Communities in the fourth quarter worth about $80,000. Tobam lifted its stake in Sun Communities by 64.0% during the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 290 shares during the period. Finally, Sugarloaf Wealth Management LLC boosted its holdings in Sun Communities by 33.9% during the third quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SUI shares. JMP Securities reissued a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a report on Thursday, May 2nd. Truist Financial lowered their target price on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. Compass Point increased their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Evercore ISI reduced their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada dropped their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $136.27.

Get Our Latest Stock Report on Sun Communities

Sun Communities Stock Performance

SUI stock opened at $115.51 on Monday. The company has a 50 day moving average price of $119.25 and a 200 day moving average price of $126.38. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The stock has a market capitalization of $14.40 billion, a PE ratio of 99.58, a price-to-earnings-growth ratio of 1.02 and a beta of 0.87.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.26%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity

In related news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction 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 directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. 1.89% of the stock is currently owned by insiders.

Sun Communities Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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