Tributary Capital Management LLC Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Tributary Capital Management LLC decreased its position in Sun Communities, Inc. (NYSE:SUI) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,185 shares of the real estate investment trust’s stock after selling 100 shares during the period. Tributary Capital Management LLC’s holdings in Sun Communities were worth $295,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after purchasing an additional 1,105,306 shares in the last quarter. PGGM Investments raised its stake in shares of Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after buying an additional 767,126 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after buying an additional 424,842 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after buying an additional 238,498 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Sun Communities by 499.9% in the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock valued at $18,562,000 after acquiring an additional 131,641 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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 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 approximately $8,340,810.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SUI. Wells Fargo & Company increased their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. UBS Group raised Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group began coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. Robert W. Baird increased their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Evercore ISI boosted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Moderate Buy” and an average price target of $143.91.

Sun Communities Stock Performance

Shares of SUI stock opened at $131.95 on Tuesday. The company’s fifty day simple moving average is $135.83 and its 200-day simple moving average is $126.20. 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 $107.31 and a 52 week high of $147.83. The company has a market cap of $16.45 billion, a PE ratio of 153.43, a P/E/G ratio of 0.98 and a beta of 0.91.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is 437.21%.

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.