Sun Communities, Inc. (NYSE:SUI) Shares Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. lifted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 13.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,400 shares of the real estate investment trust’s stock after buying an additional 8,200 shares during the period. 1832 Asset Management L.P. owned approximately 0.06% of Sun Communities worth $8,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Sun Communities by 0.3% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 29,808 shares of the real estate investment trust’s stock valued at $3,833,000 after acquiring an additional 100 shares during the period. Yousif Capital Management LLC grew its stake in shares of Sun Communities by 1.7% during the fourth quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock worth $833,000 after purchasing an additional 105 shares in the last quarter. US Bancorp DE increased its holdings in Sun Communities by 0.5% in the fourth quarter. US Bancorp DE now owns 20,541 shares of the real estate investment trust’s stock valued at $2,745,000 after buying an additional 107 shares during the last quarter. ZWJ Investment Counsel Inc. raised its stake in Sun Communities by 5.9% in the first quarter. ZWJ Investment Counsel Inc. now owns 2,017 shares of the real estate investment trust’s stock valued at $259,000 after buying an additional 112 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC lifted its holdings in Sun Communities by 4.9% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 2,944 shares of the real estate investment trust’s stock worth $393,000 after buying an additional 138 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $2.75 during midday trading on Friday, hitting $124.91. The stock had a trading volume of 450,932 shares, compared to its average volume of 555,279. The company has a market capitalization of $15.57 billion, a PE ratio of 107.68, a P/E/G ratio of 0.92 and a beta of 0.88. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $137.45. The stock has a 50 day moving average price of $119.50 and a two-hundred day moving average price of $123.59. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was 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 Ratings Changes

SUI has been the topic of several research analyst reports. 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 price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Finally, JMP Securities restated a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target 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.