1832 Asset Management L.P. Boosts Holdings in Sun Communities, Inc. (NYSE:SUI)

1832 Asset Management L.P. raised its holdings in Sun Communities, Inc. (NYSE:SUI) by 32.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,200 shares of the real estate investment trust’s stock after purchasing an additional 22,800 shares during the period. 1832 Asset Management L.P. owned 0.07% of Sun Communities worth $11,095,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SUI. Farmers & Merchants Investments Inc. acquired a new position in shares of Sun Communities during the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new position in shares of Sun Communities in the fourth quarter worth $32,000. Quest Partners LLC lifted its position in shares of Sun Communities by 12,700.0% in 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 in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Sun Communities during the second quarter valued at $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Sun Communities during the 1st quarter worth about $83,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the sale, 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 can be accessed through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.

Sun Communities Trading Down 0.3 %

NYSE SUI opened at $140.26 on Tuesday. The stock has a market cap of $17.48 billion, a P/E ratio of 120.91, a PEG ratio of 1.07 and a beta of 0.91. The company’s fifty day simple moving average is $133.38 and its 200-day simple moving average is $125.26. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $147.83.

Sun Communities Dividend Announcement

The company 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 $0.94 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.68%. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SUI shares. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Truist Financial upped their price objective 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. Evercore ISI cut shares of 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 note on Monday, September 16th. Wells Fargo & Company increased their price target on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Finally, Royal Bank of Canada raised their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Sun Communities has an average rating of “Hold” and a consensus price target of $140.91.

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.