Sun Communities, Inc. (NYSE:SUI) Short Interest Down 17.1% in March

Sun Communities, Inc. (NYSE:SUI) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 1,450,000 shares, a drop of 17.1% from the March 15th total of 1,750,000 shares. Based on an average daily volume of 855,600 shares, the short-interest ratio is presently 1.7 days.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 over the last ninety days. Insiders own 2.06% of the company’s stock.

Institutional Investors Weigh In On Sun Communities

A number of institutional investors have recently modified their holdings of SUI. Norges Bank bought a new stake in shares of Sun Communities in the fourth quarter valued at about $576,397,000. Price T Rowe Associates Inc. MD boosted its position in shares of Sun Communities by 257.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,197,498 shares of the real estate investment trust’s stock valued at $293,697,000 after acquiring an additional 1,582,871 shares during the period. PGGM Investments bought a new stake in shares of Sun Communities in the third quarter valued at about $130,082,000. JPMorgan Chase & Co. boosted its position in shares of Sun Communities by 18.8% in the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after acquiring an additional 1,040,076 shares during the period. Finally, Resolution Capital Ltd bought a new stake in shares of Sun Communities in the third quarter valued at about $104,406,000. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SUI shares. BMO Capital Markets decreased their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday, January 22nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 target price for the company. Barclays decreased their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, January 26th. JMP Securities reissued a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research note on Wednesday, March 20th. Finally, Compass Point raised their target price on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $141.17.

Sun Communities Trading Down 1.6 %

SUI stock opened at $120.68 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The company has a fifty day moving average price of $128.50 and a two-hundred day moving average price of $125.08. Sun Communities has a one year low of $102.74 and a one year high of $141.52. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 105.86, a price-to-earnings-growth ratio of 7.72 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is presently 329.83%.

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.