Inspire Investing LLC Sells 4,034 Shares of Sun Communities, Inc. (NYSE:SUI)

Inspire Investing LLC cut its stake in Sun Communities, Inc. (NYSE:SUI) by 23.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,416 shares of the real estate investment trust’s stock after selling 4,034 shares during the quarter. Inspire Investing LLC’s holdings in Sun Communities were worth $1,614,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Farmers & Merchants Investments Inc. purchased a new stake in shares of Sun Communities in the first quarter valued at $26,000. V Square Quantitative Management LLC bought a new position in Sun Communities during the 4th quarter valued at about $32,000. Quest Partners LLC grew its holdings in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Sun Communities in the 2nd quarter worth about $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in Sun Communities in the first quarter worth about $83,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

SUI stock opened at $144.63 on Friday. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $147.83. The business has a 50-day moving average price of $132.73 and a 200 day moving average price of $125.23. The company has a market capitalization of $18.03 billion, a P/E ratio of 124.68, a PEG ratio of 1.07 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.94 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.60%. Sun Communities’s dividend payout ratio is currently 324.14%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SUI shares. Royal Bank of Canada upped their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and increased their target price for the stock from $144.00 to $149.00 in a research note on Monday. Truist Financial boosted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company upped their price target on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $140.91.

Insider Transactions at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Company 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.