Westpac Banking Corp Lowers Holdings in Sun Communities, Inc. (NYSE:SUI)

Westpac Banking Corp trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 85.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,316 shares of the real estate investment trust’s stock after selling 181,981 shares during the quarter. Westpac Banking Corp’s holdings in Sun Communities were worth $3,955,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SUI. Eagle Bay Advisors LLC bought a new position in Sun Communities in the 2nd quarter worth about $27,000. V Square Quantitative Management LLC purchased a new position in Sun Communities in the second quarter worth about $31,000. Headlands Technologies LLC bought a new position in shares of Sun Communities in the first quarter worth approximately $39,000. Clearstead Advisors LLC grew its holdings in shares of Sun Communities by 732.8% during the first quarter. Clearstead Advisors LLC now owns 483 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 425 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC increased its position in shares of Sun Communities by 29.9% during the second quarter. Sugarloaf Wealth Management LLC now owns 634 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 146 shares in the last quarter. 94.79% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

NYSE:SUI traded up $1.37 during mid-day trading on Thursday, hitting $122.63. 77,869 shares of the company traded hands, compared to its average volume of 724,622. The stock’s fifty day moving average price is $115.36 and its 200-day moving average price is $124.89. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.94. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $163.83. The firm has a market cap of $15.26 billion, a price-to-earnings ratio of 66.27, a price-to-earnings-growth ratio of 5.32 and a beta of 0.73.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood purchased 400 shares of the stock in a transaction on Tuesday, August 22nd. The shares were acquired at an average price of $119.93 per share, with a total value of $47,972.00. Following the completion of the acquisition, the chief executive officer now directly owns 73,633 shares of the company’s stock, valued at $8,830,805.69. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Marc Farrugia sold 4,962 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was 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 of the company’s stock, valued at approximately $631,022.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Baxter Underwood acquired 400 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were bought at an average cost of $119.93 per share, with a total value of $47,972.00. Following the completion of the acquisition, the chief executive officer now owns 73,633 shares in the company, valued at $8,830,805.69. The disclosure for this purchase can be found here. 2.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JMP Securities lowered their price objective on Sun Communities from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 15th. Wells Fargo & Company dropped their price objective on Sun Communities from $129.00 to $123.00 and set an “equal weight” rating on the stock in a research report on Monday. Truist Financial boosted their target price on Sun Communities from $118.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Bank of America downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and dropped their price target for the company from $148.00 to $128.00 in a report on Monday, October 2nd. Finally, Evercore ISI decreased their price objective on shares of Sun Communities from $139.00 to $132.00 in a report on Monday, October 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average price target of $141.36.

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 September 30, 2023, the Company owned, operated, or had an interest in a portfolio of 670 developed MH, RV and Marina properties comprising approximately 180,170 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.