Sun Communities, Inc. (NYSE:SUI) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its stake in Sun Communities, Inc. (NYSE:SUI) by 1.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 46,805 shares of the real estate investment trust’s stock after selling 679 shares during the period. Raymond James & Associates’ holdings in Sun Communities were worth $6,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently 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 first 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 during the period. PGGM Investments increased its holdings in shares of Sun Communities by 159.9% in the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after purchasing an additional 767,126 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after purchasing an additional 424,842 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Sun Communities by 199.1% during 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 during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of 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 worth $18,562,000 after buying an additional 131,641 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Royal Bank of Canada lifted their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird increased their target price on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Evercore ISI raised their price target on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group initiated 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. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.91.

Sun Communities Stock Down 0.2 %

Shares of Sun Communities stock opened at $132.68 on Friday. The stock has a market capitalization of $16.54 billion, a P/E ratio of 114.38, a PEG ratio of 0.98 and a beta of 0.91. The stock has a 50 day moving average price of $135.84 and a two-hundred day moving average price of $126.36. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 12-month low of $108.87 and a 12-month high of $147.83.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.

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.