MQS Management LLC Invests $345,000 in Sun Communities, Inc. (NYSE:SUI)

MQS Management LLC bought a new stake in Sun Communities, Inc. (NYSE:SUI) during the second quarter, Holdings Channel reports. The firm bought 2,868 shares of the real estate investment trust’s stock, valued at approximately $345,000.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Truist Financial raised their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Royal Bank of Canada boosted their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and lifted their target price for the stock from $144.00 to $149.00 in a research report on Monday, September 16th. Finally, Wells Fargo & Company upped their price target on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Sun Communities presently has an average rating of “Hold” and a consensus price target of $140.91.

Insider Activity

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

Sun Communities Trading Down 2.8 %

Shares of SUI opened at $140.62 on Friday. The stock has a 50 day simple moving average of $133.07 and a 200-day simple moving average of $125.29. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The stock has a market cap of $17.53 billion, a PE ratio of 121.23, a PEG ratio of 1.07 and a beta of 0.91. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.67%. Sun Communities’s payout ratio is presently 324.14%.

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.