Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Pasadena Private Wealth LLC

Pasadena Private Wealth LLC boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,613 shares of the real estate investment trust’s stock after purchasing an additional 188 shares during the quarter. Pasadena Private Wealth LLC’s holdings in Sun Communities were worth $593,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Evoke Wealth LLC acquired a new position in Sun Communities during the 4th quarter worth $5,594,000. Clearbridge Investments LLC raised its stake in shares of Sun Communities by 12.3% in the 4th quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after buying an additional 33,382 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Sun Communities by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after buying an additional 33,795 shares in the last quarter. Strs Ohio raised its stake in shares of Sun Communities by 8.6% in the 4th quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after buying an additional 23,792 shares in the last quarter. Finally, abrdn plc raised its stake in shares of 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. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Down 0.4 %

Shares of NYSE SUI traded down $0.52 during mid-day trading on Friday, reaching $119.54. 14,565 shares of the company traded hands, compared to its average volume of 766,330. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a market cap of $14.90 billion, a PE ratio of 103.50, a price-to-earnings-growth ratio of 1.05 and a beta of 0.87. The company’s fifty day moving average is $117.69 and its two-hundred day moving average is $125.28. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 annualized dividend and a dividend yield of 3.15%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Analysts Set New Price Targets

A number of research firms have recently commented on SUI. Compass Point boosted their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Evercore ISI cut their target price on Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Royal Bank of Canada cut their target price on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. JMP Securities reaffirmed a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a research report on Thursday, May 2nd. Finally, Truist Financial cut their target price on 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 investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Sun Communities has an average rating of “Hold” and a consensus price target of $136.27.

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.