Advisory Alpha LLC Makes New Investment in Sun Communities, Inc. (NYSE:SUI)

Advisory Alpha LLC bought a new stake in Sun Communities, Inc. (NYSE:SUI) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,000 shares of the real estate investment trust’s stock, valued at approximately $771,000.

Several other institutional investors also recently modified their holdings of the business. Norges Bank bought a new position in Sun Communities in the fourth quarter valued at approximately $576,397,000. Russell Investments Group Ltd. grew its stake in shares of Sun Communities by 75.3% during 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 purchasing an additional 570,329 shares during the period. Waterfront Capital Partners LLC bought a new stake in Sun Communities in the fourth quarter valued at about $42,762,000. Ceredex Value Advisors LLC acquired a new position in Sun Communities in the fourth quarter valued at about $37,775,000. Finally, Deutsche Bank AG boosted its holdings in Sun Communities by 158.6% during the third quarter. Deutsche Bank AG now owns 409,195 shares of the real estate investment trust’s stock worth $48,424,000 after buying an additional 250,952 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Up 0.7 %

NYSE:SUI traded up $0.83 during trading hours on Friday, reaching $123.11. 33,794 shares of the stock were exchanged, compared to its average volume of 757,044. The stock has a market cap of $15.34 billion, a PE ratio of 105.44, a PEG ratio of 1.05 and a beta of 0.88. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52. The firm has a 50 day moving average of $117.95 and a 200 day moving average of $124.33. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78.

Sun Communities Announces Dividend

The firm 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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

Wall Street Analyst Weigh In

SUI has been the topic of several recent analyst reports. JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. Royal Bank of Canada decreased their price target on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Compass Point raised 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. 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 note on Monday, March 18th. Finally, Evercore ISI dropped their price target 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. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average price target of $134.40.

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.