MBB Public Markets I LLC Makes New $1.08 Million Investment in Sun Communities, Inc. (NYSE:SUI)

MBB Public Markets I LLC purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the second quarter, Holdings Channel.com reports. The firm purchased 9,000 shares of the real estate investment trust’s stock, valued at approximately $1,083,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Centersquare Investment Management LLC boosted its holdings in shares of Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Sun Communities by 8.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock worth $18,414,000 after buying an additional 11,195 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $13,164,000. SG Americas Securities LLC lifted its holdings in shares of Sun Communities by 145.0% in the 1st quarter. SG Americas Securities LLC now owns 20,576 shares of the real estate investment trust’s stock worth $2,646,000 after purchasing an additional 12,177 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Sun Communities in the 1st quarter worth $1,106,000. 99.59% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Royal Bank of Canada increased their target price on 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 Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Truist Financial increased their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Wells Fargo & Company increased their target price on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, Evercore ISI cut Sun Communities from an “outperform” rating to an “inline” rating and increased their target price for the stock from $144.00 to $149.00 in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $140.91.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $135.15 on Tuesday. 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’s fifty day simple moving average is $134.35 and its two-hundred day simple moving average is $125.38. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $147.83. The stock has a market cap of $16.84 billion, a PE ratio of 116.51, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio is presently 324.14%.

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.