Intech Investment Management LLC Boosts Position in Sun Communities, Inc. (NYSE:SUI)

Intech Investment Management LLC grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 30.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,819 shares of the real estate investment trust’s stock after buying an additional 2,062 shares during the quarter. Intech Investment Management LLC’s holdings in Sun Communities were worth $1,061,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SUI. Farmers & Merchants Investments Inc. purchased a new stake in Sun Communities during the 1st quarter worth $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities in the fourth quarter worth about $32,000. Quest Partners LLC grew its stake 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 buying an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Sun Communities during the 2nd quarter valued at about $62,000. Finally, Fidelis Capital Partners LLC acquired a new position in Sun Communities during the 1st quarter worth approximately $83,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on SUI shares. Truist Financial increased their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Evercore ISI lowered shares of Sun Communities from an “outperform” rating to an “inline” rating and boosted their price objective for the stock from $144.00 to $149.00 in a report on Monday, September 16th. Robert W. Baird upped their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Wells Fargo & Company lifted their target price on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. One equities 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 stock. Based on data from MarketBeat, Sun Communities has a consensus rating of “Hold” and a consensus price target of $140.91.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. 1.89% of the stock is currently owned by corporate insiders.

Sun Communities Trading Down 0.8 %

Shares of NYSE SUI opened at $139.10 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $133.63 and its two-hundred day moving average price is $125.30. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $147.83. The stock has a market capitalization of $17.34 billion, a P/E ratio of 119.91, a PEG ratio of 1.07 and a beta of 0.91.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.70%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

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.