Thrivent Financial for Lutherans Has $7.72 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Thrivent Financial for Lutherans raised its stake in Sun Communities, Inc. (NYSE:SUI) by 270.8% in the second quarter, Holdings Channel reports. The firm owned 64,138 shares of the real estate investment trust’s stock after acquiring an additional 46,842 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Sun Communities were worth $7,718,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. bought a new stake in shares of Sun Communities during the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new stake in Sun Communities in the fourth quarter valued at $32,000. Quest Partners LLC acquired a new stake in Sun Communities in the fourth quarter valued at $51,000. 1620 Investment Advisors Inc. bought a new position in shares of Sun Communities in the 2nd quarter valued at about $62,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Sun Communities during the 1st quarter worth about $83,000. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SUI. Wells Fargo & Company raised their target price on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. 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 note on Monday, September 16th. Robert W. Baird boosted their target price on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, 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 report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $140.91.

Sun Communities Stock Down 1.4 %

SUI opened at $135.56 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a fifty day moving average of $133.80 and a 200-day moving average of $125.39. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83. The company has a market capitalization of $16.90 billion, a P/E ratio of 116.86, a P/E/G ratio of 1.03 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm 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. This represents a $3.76 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio is currently 324.14%.

Insiders Place Their Bets

In related news, CEO Baxter Underwood sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, 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 filing with the SEC, which is available at this link. Company insiders own 1.89% of the company’s stock.

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.