Steph & Co. Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

Steph & Co. reduced its holdings in Sun Communities, Inc. (NYSE:SUI) by 57.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 625 shares of the real estate investment trust’s stock after selling 846 shares during the period. Steph & Co.’s holdings in Sun Communities were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Eagle Bay Advisors LLC purchased a new position in shares of Sun Communities in the second quarter worth about $27,000. Lindbrook Capital LLC lifted its stake in shares of Sun Communities by 120.2% in 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 in the last quarter. Spire Wealth Management lifted its stake in shares of Sun Communities by 102.2% in the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 235 shares in the last quarter. Tobam lifted its stake in shares of Sun Communities by 64.0% in the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock worth $99,000 after buying an additional 290 shares in the last quarter. Finally, First Manhattan Co. purchased a new position in shares of Sun Communities in the first quarter worth about $131,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $118.72 on Thursday. The company’s 50 day simple moving average is $128.19 and its 200-day simple moving average is $125.09. The company has a market capitalization of $14.80 billion, a price-to-earnings ratio of 103.84, a price-to-earnings-growth ratio of 7.58 and a beta of 0.80. 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 quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.17%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. Sun Communities’s payout ratio is 329.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SUI. Barclays reduced their target price 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 set a “hold” rating and a $129.00 target price on the stock. BMO Capital Markets reduced their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, January 22nd. Compass Point lifted 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. Finally, Truist Financial reduced 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 note on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and a consensus target price of $141.17.

Insider Activity

In related news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares in the company, valued at $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred 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. In the last three months, insiders have sold 7,000 shares of company stock valued at $912,460. Company insiders own 1.89% of the company’s stock.

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.