Sun Communities, Inc. (NYSE:SUI) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in Sun Communities, Inc. (NYSE:SUI) by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,757 shares of the real estate investment trust’s stock after selling 421 shares during the quarter. Amalgamated Bank’s holdings in Sun Communities were worth $813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of SUI. Farmers & Merchants Investments Inc. acquired a new stake in Sun Communities during the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities in the fourth quarter worth $32,000. Quest Partners LLC acquired a new stake in shares of Sun Communities in the fourth quarter worth $51,000. 1620 Investment Advisors Inc. purchased a new position in shares of Sun Communities in the 2nd quarter valued at $62,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Sun Communities during the 1st quarter valued at $83,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Trading Up 0.3 %

Sun Communities stock opened at $135.98 on Friday. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83. The firm’s 50-day moving average is $133.99 and its 200-day moving average is $125.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market cap of $16.95 billion, a P/E ratio of 117.22, a PEG ratio of 1.02 and a beta of 0.91.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.77%. Sun Communities’s payout ratio is currently 324.14%.

Wall Street Analysts Forecast Growth

Several research firms have commented on SUI. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and raised their price objective for the company from $144.00 to $149.00 in a research report on Monday, September 16th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Royal Bank of Canada upped their price target on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird boosted their target price on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $140.91.

Insider Activity

In related news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the sale, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.89% of the company’s stock.

About Sun Communities

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.