Sun Communities, Inc. (NYSE:SUI) Stock Position Increased by Van ECK Associates Corp

Van ECK Associates Corp boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 14.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,905 shares of the real estate investment trust’s stock after buying an additional 6,420 shares during the quarter. Van ECK Associates Corp’s holdings in Sun Communities were worth $6,803,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. PGGM Investments acquired a new stake in Sun Communities in the 3rd quarter valued at about $130,082,000. JPMorgan Chase & Co. lifted its stake in 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 valued at $777,168,000 after purchasing an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd bought a new stake in Sun Communities during the third quarter worth approximately $104,406,000. Russell Investments Group Ltd. grew its position in Sun Communities by 75.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after buying an additional 570,329 shares during the last quarter. Finally, Rush Island Management LP bought a new position in shares of Sun Communities in the third quarter valued at $65,134,000. Institutional investors own 99.59% of the company’s stock.

Insider Activity

In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction on Thursday, March 28th. The shares were 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 a total of 7,000 shares of company stock worth $912,460 in the last ninety days. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Stock Performance

Shares of SUI opened at $117.30 on Friday. The company has a market capitalization of $14.62 billion, a PE ratio of 101.12, a PEG ratio of 1.04 and a beta of 0.83. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The company’s 50 day moving average price is $125.83 and its 200 day moving average price is $125.37. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $141.52.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.21%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reduced their price objective on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday, January 22nd. Royal Bank of Canada decreased their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday. Evercore ISI cut their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a report on Wednesday. Barclays decreased their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. Finally, Truist Financial dropped their target price 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $138.92.

About Sun Communities

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.