DekaBank Deutsche Girozentrale Acquires 6,152 Shares of Sun Communities, Inc. (NYSE:SUI)

DekaBank Deutsche Girozentrale increased its holdings in Sun Communities, Inc. (NYSE:SUI) by 5.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,037 shares of the real estate investment trust’s stock after purchasing an additional 6,152 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.09% of Sun Communities worth $13,805,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUI. Farmers & Merchants Investments Inc. acquired a new position in shares of Sun Communities in the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new position in Sun Communities during the fourth quarter worth $32,000. Quest Partners LLC lifted its holdings in shares of Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 381 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Sun Communities in the 2nd quarter valued at $62,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Sun Communities in the 1st quarter valued at $83,000. Institutional investors own 99.59% of the company’s stock.

Insider Transactions at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.89% of the stock is owned by corporate insiders.

Sun Communities Trading Up 2.1 %

Shares of SUI opened at $147.58 on Monday. The stock’s fifty day simple moving average is $130.69 and its 200-day simple moving average is $124.80. The firm has a market capitalization of $18.40 billion, a PE ratio of 127.23, a price-to-earnings-growth ratio of 1.06 and a beta of 0.91. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $147.83. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SUI. Royal Bank of Canada lifted their price target on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Robert W. Baird lifted their target price on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Evercore ISI increased their price target on Sun Communities from $143.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, Truist Financial boosted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of “Hold” and a consensus target price of $137.64.

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.