Van ECK Associates Corp Has $6.80 Million Position in Sun Communities, Inc. (NYSE:SUI)

Van ECK Associates Corp lifted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 14.4% during the fourth quarter, HoldingsChannel reports. The firm owned 50,905 shares of the real estate investment trust’s stock after buying an additional 6,420 shares during the quarter. Van ECK Associates Corp’s holdings in Sun Communities were worth $6,803,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Sun Communities by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust’s stock valued at $535,331,000 after purchasing an additional 84,767 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Sun Communities by 1.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock valued at $347,193,000 after purchasing an additional 31,831 shares during the period. FMR LLC increased its stake in Sun Communities by 10.9% during the 3rd quarter. FMR LLC now owns 2,406,644 shares of the real estate investment trust’s stock worth $284,802,000 after purchasing an additional 236,771 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Sun Communities by 0.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,312,909 shares of the real estate investment trust’s stock worth $273,710,000 after buying an additional 16,368 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday. Evercore ISI lowered their target price on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a report on Wednesday. JMP Securities restated a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a report on Thursday. Truist Financial decreased their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a report on Monday, March 18th. Finally, BMO Capital Markets cut their target price 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 investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $138.92.

Sun Communities Trading Up 0.6 %

Shares of Sun Communities stock opened at $117.30 on Friday. The stock has a market cap of $14.62 billion, a P/E ratio of 101.12, a P/E/G ratio of 1.04 and a beta of 0.83. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.52. The business’s 50 day moving average is $125.83 and its 200-day moving average is $125.37.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given 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 yield of 3.21%. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s dividend payout ratio is 324.14%.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $8,789,700.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the stock in a transaction on Tuesday, March 5th. The shares were 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 in the company, valued at approximately $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 over the last quarter. 1.89% of the stock is currently owned by insiders.

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.