Bank of Montreal Can Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Bank of Montreal Can cut its holdings in Sun Communities, Inc. (NYSE:SUI) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 31,833 shares of the real estate investment trust’s stock after selling 531 shares during the quarter. Bank of Montreal Can’s holdings in Sun Communities were worth $3,831,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Farmers & Merchants Investments Inc. bought a new stake in shares of Sun Communities during the first quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new position in Sun Communities during the fourth quarter valued at $32,000. Quest Partners LLC grew its stake in Sun Communities by 12,700.0% during 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. bought a new stake in Sun Communities in the 2nd quarter valued at $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Sun Communities in the 1st quarter worth $83,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Baxter Underwood sold 3,000 shares of the company’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 owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.89% of the stock is owned by insiders.

Sun Communities Trading Down 0.4 %

SUI stock opened at $133.16 on Thursday. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $147.83. The stock has a market capitalization of $16.60 billion, a price-to-earnings ratio of 114.79, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. 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 firm’s fifty day simple moving average is $134.77 and its two-hundred day simple moving average is $125.46.

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 given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SUI shares. Robert W. Baird raised their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Royal Bank of Canada upped 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. 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 report on Thursday, September 19th. Finally, Evercore ISI cut shares of Sun Communities from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $144.00 to $149.00 in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $142.20.

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.