Tobam Acquires 290 Shares of Sun Communities, Inc. (NYSE:SUI)

Tobam boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 64.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 743 shares of the real estate investment trust’s stock after purchasing an additional 290 shares during the quarter. Tobam’s holdings in Sun Communities were worth $99,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cetera Investment Advisers raised its stake in Sun Communities by 1.9% during the 1st quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock valued at $605,000 after purchasing an additional 64 shares during the period. Vestcor Inc raised its stake in Sun Communities by 2.3% during the 4th quarter. Vestcor Inc now owns 2,926 shares of the real estate investment trust’s stock valued at $418,000 after purchasing an additional 65 shares during the period. Nissay Asset Management Corp Japan ADV raised its stake in Sun Communities by 0.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 26,611 shares of the real estate investment trust’s stock valued at $3,749,000 after purchasing an additional 77 shares during the period. Sugarloaf Wealth Management LLC raised its stake in Sun Communities by 9.2% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust’s stock valued at $124,000 after purchasing an additional 78 shares during the period. Finally, Avior Wealth Management LLC raised its stake in Sun Communities by 2.6% during the 3rd quarter. Avior Wealth Management LLC now owns 3,727 shares of the real estate investment trust’s stock valued at $441,000 after purchasing an additional 96 shares during the period. Institutional investors own 99.59% of the company’s stock.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $912,460 in the last quarter. 2.06% of the stock is owned by company insiders.

Sun Communities Stock Performance

NYSE SUI opened at $122.58 on Friday. The company has a market cap of $15.28 billion, a P/E ratio of 107.53, a P/E/G ratio of 7.92 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The business’s 50 day moving average price is $128.63 and its 200-day moving average price is $125.07. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $143.99.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.07%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is presently 329.83%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SUI shares. Truist Financial reduced their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective on the stock. Barclays reduced their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a research note on Friday, January 26th. Finally, BMO Capital Markets reduced their price objective on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $141.17.

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.