Naviter Wealth LLC Increases Holdings in Sun Communities, Inc. (NYSE:SUI)

Naviter Wealth LLC raised its stake in Sun Communities, Inc. (NYSE:SUI) by 12.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,587 shares of the real estate investment trust’s stock after purchasing an additional 980 shares during the quarter. Naviter Wealth LLC’s holdings in Sun Communities were worth $1,156,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Sun Communities by 5.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock valued at $89,975,000 after buying an additional 33,795 shares during the period. Strs Ohio raised its stake in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock valued at $40,241,000 after purchasing an additional 23,792 shares during the period. abrdn plc lifted its holdings in Sun Communities by 33.8% in the 4th quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock worth $10,229,000 after buying an additional 19,314 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in Sun Communities by 9.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 155 shares in the last quarter. Finally, DNB Asset Management AS boosted its position in Sun Communities by 5.6% in the 4th quarter. DNB Asset Management AS now owns 17,647 shares of the real estate investment trust’s stock valued at $2,359,000 after buying an additional 932 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Transactions at Sun Communities

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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were 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 document filed with the SEC, which is available at this link. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,000 shares of company stock valued at $912,460. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Stock Performance

SUI stock opened at $120.31 on Tuesday. The company has a market capitalization of $15.00 billion, a P/E ratio of 105.46, a PEG ratio of 1.07 and a beta of 0.80. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The company has a 50-day simple moving average of $126.91 and a 200 day simple moving average of $125.47. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. Sun Communities’s dividend payout ratio (DPR) is 329.83%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SUI. Compass Point increased their price target on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Truist Financial decreased their price target on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research note on Monday, March 18th. JMP Securities restated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. Barclays decreased their target price on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. Finally, BMO Capital Markets lowered their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday, January 22nd. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $141.17.

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.