Wealth Alliance Makes New Investment in Sun Communities, Inc. (NYSE:SUI)

Wealth Alliance acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,727 shares of the real estate investment trust’s stock, valued at approximately $231,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lindbrook Capital LLC boosted its stake in Sun Communities by 120.2% during the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 125 shares during the period. Eagle Bay Advisors LLC bought a new stake in shares of Sun Communities during the second quarter worth $27,000. Spire Wealth Management lifted its position in shares of Sun Communities by 102.2% during the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 235 shares during the last quarter. Tobam lifted its position in shares of Sun Communities by 64.0% during the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 290 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC lifted its position in shares of Sun Communities by 33.9% during the third quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 215 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now owns 28,400 shares in the company, valued at $3,724,092. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the sale, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 over the last quarter. Insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

SUI has been the subject of several research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a research report on Wednesday, March 20th. Compass Point lifted their target price on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Truist Financial decreased their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. BMO Capital Markets decreased their target price on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $141.17.

Sun Communities Price Performance

SUI opened at $117.69 on Friday. The business’s 50-day moving average is $127.89 and its two-hundred day moving average is $125.05. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a market capitalization of $14.67 billion, a PE ratio of 103.24, a price-to-earnings-growth ratio of 7.55 and a beta of 0.80.

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 $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is 329.83%.

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.