Family Management Corp Lowers Stock Position in Sun Communities, Inc. (NYSE:SUI)

Family Management Corp cut its holdings in Sun Communities, Inc. (NYSE:SUI) by 87.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,745 shares of the real estate investment trust’s stock after selling 12,704 shares during the quarter. Family Management Corp’s holdings in Sun Communities were worth $246,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SUI. Vert Asset Management LLC boosted its holdings in Sun Communities by 40.5% in the first quarter. Vert Asset Management LLC now owns 39,966 shares of the real estate investment trust’s stock worth $5,630,000 after acquiring an additional 11,529 shares in the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of Sun Communities by 67.6% during the 1st quarter. Aptus Capital Advisors LLC now owns 2,983 shares of the real estate investment trust’s stock valued at $423,000 after acquiring an additional 1,203 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Sun Communities by 44.3% in the fourth quarter. Teacher Retirement System of Texas now owns 26,576 shares of the real estate investment trust’s stock worth $3,800,000 after acquiring an additional 8,161 shares during the period. Natixis purchased a new position in shares of Sun Communities during the fourth quarter valued at approximately $5,648,000. Finally, Pettee Investors Inc. bought a new position in Sun Communities during the first quarter valued at approximately $454,000. 94.79% of the stock is currently owned by institutional investors.

Sun Communities Price Performance

NYSE SUI traded up $1.30 on Tuesday, reaching $122.08. The company had a trading volume of 254,002 shares, compared to its average volume of 620,436. The stock has a market capitalization of $15.19 billion, a PE ratio of 65.64, a price-to-earnings-growth ratio of 3.33 and a beta of 0.71. Sun Communities, Inc. has a 12 month low of $117.63 and a 12 month high of $163.83. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.94. The firm’s 50 day moving average price is $128.01 and its 200 day moving average price is $132.54.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($1.23). The business had revenue of $863.50 million for the quarter, compared to analysts’ expectations of $834.99 million. Sun Communities had a net margin of 7.27% and a return on equity of 2.80%. Sun Communities’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.02 EPS. As a group, equities analysts predict that Sun Communities, Inc. will post 7.12 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.93 dividend. The ex-dividend date is Thursday, September 28th. This represents a $3.72 dividend on an annualized basis and a yield of 3.05%. Sun Communities’s payout ratio is 202.17%.

Insider Transactions at Sun Communities

In other Sun Communities news, EVP Marc Farrugia sold 4,962 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total value of $614,791.80. Following the transaction, the executive vice president now directly owns 5,093 shares in the company, valued at approximately $631,022.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Baxter Underwood purchased 400 shares of Sun Communities stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average cost of $119.93 per share, with a total value of $47,972.00. Following the transaction, the chief executive officer now owns 73,633 shares in the company, valued at approximately $8,830,805.69. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Marc Farrugia sold 4,962 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total transaction of $614,791.80. Following the completion of the transaction, the executive vice president now owns 5,093 shares of the company’s stock, valued at $631,022.70. The disclosure for this sale can be found here. Company insiders own 2.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on SUI. BMO Capital Markets reduced their price objective on Sun Communities from $148.00 to $143.00 and set an “outperform” rating for the company in a research report on Monday. Royal Bank of Canada reduced their target price on shares of Sun Communities from $158.00 to $153.00 in a report on Tuesday, May 30th. JMP Securities dropped their price target on shares of Sun Communities from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 15th. StockNews.com started coverage on Sun Communities in a report on Thursday, August 17th. They issued a “sell” rating on the stock. Finally, Barclays cut their price target on Sun Communities from $168.00 to $158.00 in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $153.56.

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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.