Cetera Trust Company N.A Buys New Stake in Sun Communities, Inc. (NYSE:SUI)

Cetera Trust Company N.A purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,685 shares of the real estate investment trust’s stock, valued at approximately $225,000.

Other hedge funds also recently added to or reduced their stakes in the company. MetLife Investment Management LLC acquired a new position in Sun Communities during the 1st quarter worth approximately $401,000. Yousif Capital Management LLC grew its holdings in shares of Sun Communities by 12.2% during the first quarter. Yousif Capital Management LLC now owns 6,798 shares of the real estate investment trust’s stock worth $1,192,000 after purchasing an additional 739 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of Sun Communities by 21.1% in the 1st quarter. Raymond James Trust N.A. now owns 1,190 shares of the real estate investment trust’s stock valued at $208,000 after acquiring an additional 207 shares during the period. Prudential PLC purchased a new stake in Sun Communities during the 1st quarter valued at approximately $385,000. Finally, Cetera Investment Advisers raised its stake in shares of Sun Communities by 1.9% during the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after purchasing an additional 64 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 in the last quarter. 1.89% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on SUI. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target for the company. Truist Financial decreased their price target 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. Barclays cut their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a report on Wednesday, March 20th. Finally, BMO Capital Markets dropped their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $141.17.

Sun Communities Trading Down 0.2 %

Shares of Sun Communities stock opened at $117.69 on Monday. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The business’s fifty day moving average is $127.89 and its two-hundred day moving average is $125.20. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The firm has a market cap of $14.67 billion, a PE ratio of 103.24, a P/E/G ratio of 7.53 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a dividend of $0.94 per share. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s dividend payout ratio is presently 329.83%.

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 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.