Steph & Co. Sells 846 Shares of Sun Communities, Inc. (NYSE:SUI)

Steph & Co. reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 57.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 625 shares of the real estate investment trust’s stock after selling 846 shares during the quarter. Steph & Co.’s holdings in Sun Communities were worth $84,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SUI. Norges Bank bought a new position in shares of Sun Communities during the fourth quarter valued at about $315,323,000. PGGM Investments bought a new position in shares of Sun Communities during the third quarter valued at about $130,082,000. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd bought a new stake in shares of Sun Communities in the third quarter worth about $104,406,000. Finally, Invesco Ltd. grew its stake in shares of Sun Communities by 72.4% in the first quarter. Invesco Ltd. now owns 1,916,668 shares of the real estate investment trust’s stock worth $335,973,000 after purchasing an additional 805,125 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Insider Activity

In other 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 transaction 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 $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction 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 $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction that occurred 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 transaction, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock worth $912,460. Insiders own 1.89% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on SUI. JMP Securities reissued a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research note on Wednesday, March 20th. Compass Point raised their target price on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 target price on the stock. Truist Financial cut their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. Finally, Barclays cut their target price on Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average price target of $141.17.

Sun Communities Stock Performance

Shares of SUI opened at $118.72 on Thursday. 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, Inc. has a one year low of $102.74 and a one year high of $141.52. The company has a 50-day simple moving average of $128.19 and a two-hundred day simple moving average of $125.09. The firm has a market capitalization of $14.80 billion, a PE ratio of 103.84, a price-to-earnings-growth ratio of 7.58 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.17%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Sun Communities 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.