Poplar Forest Capital LLC Has $14.69 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Poplar Forest Capital LLC lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 107.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 122,066 shares of the real estate investment trust’s stock after buying an additional 63,144 shares during the period. Sun Communities makes up 2.1% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 25th biggest position. Poplar Forest Capital LLC’s holdings in Sun Communities were worth $14,689,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SUI. Acadian Asset Management LLC acquired a new position in shares of Sun Communities in the second quarter worth approximately $228,000. Los Angeles Capital Management LLC bought a new stake in shares of Sun Communities during the second quarter valued at approximately $6,603,000. Victory Capital Management Inc. grew its holdings in Sun Communities by 4.3% during the second quarter. Victory Capital Management Inc. now owns 72,195 shares of the real estate investment trust’s stock worth $8,688,000 after buying an additional 2,989 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in Sun Communities during the second quarter worth $598,000. Finally, CIBC Asset Management Inc grew its stake in Sun Communities by 4.4% in the 2nd quarter. CIBC Asset Management Inc now owns 4,173 shares of the real estate investment trust’s stock valued at $502,000 after purchasing an additional 175 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.89% of the stock is owned by insiders.

Sun Communities Stock Up 2.7 %

Sun Communities stock traded up $3.77 during mid-day trading on Friday, reaching $141.22. 1,502,496 shares of the company were exchanged, compared to its average volume of 561,154. The business has a fifty day moving average of $128.21 and a 200 day moving average of $124.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $17.61 billion, a P/E ratio of 121.74, a PEG ratio of 1.00 and a beta of 0.91. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.32.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.94 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.66%. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Analysts Set New Price Targets

SUI has been the subject of a number of recent analyst reports. Evercore ISI upped their price objective on Sun Communities from $143.00 to $144.00 and gave the company an “outperform” rating in a research note on Wednesday, August 28th. Robert W. Baird increased their price objective on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Royal Bank of Canada increased their price objective on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Truist Financial raised their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.64.

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.