First Trust Direct Indexing L.P. Buys New Position in Sun Communities, Inc. (NYSE:SUI)

First Trust Direct Indexing L.P. purchased a new position in Sun Communities, Inc. (NYSE:SUI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,737 shares of the real estate investment trust’s stock, valued at approximately $235,000.

A number of other institutional investors also recently modified their holdings of the company. Quest Partners LLC lifted its holdings in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities during the 2nd quarter valued at about $62,000. Fidelis Capital Partners LLC acquired a new stake in Sun Communities during the first quarter worth approximately $83,000. Blue Trust Inc. increased its holdings in Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 436 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in Sun Communities in the first quarter valued at approximately $90,000. 99.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Evercore ISI lifted their price objective 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. Wells Fargo & Company upped their price objective 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. Truist Financial raised their target price on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Robert W. Baird upped their price target on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently has a consensus rating of “Moderate Buy” and an average price target of $143.91.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $133.20 on Wednesday. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. 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 has a market cap of $16.61 billion, a PE ratio of 154.89, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The stock’s fifty day simple moving average is $135.73 and its two-hundred day simple moving average is $126.74.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were 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 of this dividend 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.