Envestnet Asset Management Inc. Sells 8,241 Shares of Sun Communities, Inc. $SUI

Envestnet Asset Management Inc. lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 171,389 shares of the real estate investment trust’s stock after selling 8,241 shares during the period. Envestnet Asset Management Inc. owned 0.14% of Sun Communities worth $22,109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SUI. Cornerstone Planning Group LLC grew its position in shares of Sun Communities by 2,907.7% in the 3rd quarter. Cornerstone Planning Group LLC now owns 391 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 378 shares during the period. AGF Management Ltd. lifted its stake in Sun Communities by 4.7% in the 3rd quarter. AGF Management Ltd. now owns 26,147 shares of the real estate investment trust’s stock valued at $3,373,000 after purchasing an additional 1,181 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Sun Communities by 5.9% during the third quarter. Jones Financial Companies Lllp now owns 3,261 shares of the real estate investment trust’s stock worth $420,000 after purchasing an additional 182 shares during the period. National Pension Service increased its position in Sun Communities by 88.8% during the third quarter. National Pension Service now owns 3,727 shares of the real estate investment trust’s stock worth $481,000 after buying an additional 1,753 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Sun Communities by 1.3% in the third quarter. Arizona State Retirement System now owns 37,790 shares of the real estate investment trust’s stock valued at $4,875,000 after buying an additional 498 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SUI. Barclays reissued an “overweight” rating and set a $144.00 target price on shares of Sun Communities in a report on Tuesday, January 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Sun Communities in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. Truist Financial upped their price target on shares of Sun Communities from $141.00 to $142.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average price target of $137.46.

Insider Buying and Selling

In other Sun Communities news, Director Gary A. Shiffman sold 156,875 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.53, for a total value of $19,378,768.75. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.77% of the stock is currently owned by insiders.

Sun Communities Price Performance

Sun Communities stock opened at $130.85 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 6.01 and a current ratio of 6.01. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $137.77. The stock has a market capitalization of $16.18 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 4.25 and a beta of 0.90. The stock has a fifty day moving average of $125.18 and a 200-day moving average of $125.92.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Wednesday, December 31st were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Sun Communities’s dividend payout ratio is currently 52.13%.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.