Sei Investments Co. Reduces Stock Position in Sun Communities, Inc. (NYSE:SUI)

Sei Investments Co. cut its stake in Sun Communities, Inc. (NYSE:SUI) by 4.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 674,102 shares of the real estate investment trust’s stock after selling 33,461 shares during the period. Sei Investments Co. owned approximately 0.54% of Sun Communities worth $86,676,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SUI. Farmers & Merchants Investments Inc. purchased a new position in Sun Communities in the first quarter valued at about $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $32,000. CKW Financial Group acquired a new stake in shares of Sun Communities in the first quarter valued at approximately $38,000. Quest Partners LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $51,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $80,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Up 1.0 %

Shares of SUI traded up $1.21 during mid-day trading on Monday, reaching $124.71. The company had a trading volume of 475,597 shares, compared to its average volume of 759,909. The stock has a market cap of $15.54 billion, a price-to-earnings ratio of 106.47, a price-to-earnings-growth ratio of 0.91 and a beta of 0.88. The firm has a fifty day simple moving average of $118.07 and a 200-day simple moving average of $124.12. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.01%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SUI. Truist Financial lowered their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. Royal Bank of Canada lowered their price target on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Evercore ISI decreased their target price on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. JMP Securities restated 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, Compass Point raised their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. One investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $134.40.

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.