NewEdge Wealth LLC Acquires Shares of 2,232 Sun Communities, Inc. (NYSE:SUI)

NewEdge Wealth LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,232 shares of the real estate investment trust’s stock, valued at approximately $298,000.

Several other institutional investors have also added to or reduced their stakes in SUI. Norges Bank acquired a new position in Sun Communities during the fourth quarter valued at approximately $315,323,000. PGGM Investments bought a new stake in shares of Sun Communities during the third quarter worth $130,082,000. JPMorgan Chase & Co. grew its stake in shares of Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd bought a new stake in shares of Sun Communities during the third quarter worth $104,406,000. Finally, Invesco Ltd. grew its stake in shares of Sun Communities by 72.4% during the first quarter. Invesco Ltd. now owns 1,916,668 shares of the real estate investment trust’s stock worth $335,973,000 after buying an additional 805,125 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 in the last quarter. Insiders own 1.89% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE SUI opened at $118.38 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The firm has a market capitalization of $14.75 billion, a P/E ratio of 103.84, a P/E/G ratio of 7.58 and a beta of 0.80. The firm’s 50-day moving average price is $128.19 and its 200-day moving average price is $125.09.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 329.83%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SUI shares. Compass Point boosted their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Barclays reduced their price objective on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a research note on Friday, January 26th. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Wednesday, March 20th. Finally, Truist Financial cut their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $141.17.

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.