Metis Global Partners LLC Raises Position in Sun Communities, Inc. (NYSE:SUI)

Metis Global Partners LLC lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 6.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,289 shares of the real estate investment trust’s stock after acquiring an additional 602 shares during the quarter. Metis Global Partners LLC’s holdings in Sun Communities were worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Sugarloaf Wealth Management LLC raised its position in Sun Communities by 9.2% in 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 in the last quarter. Yousif Capital Management LLC raised its holdings in Sun Communities by 1.7% in the fourth quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock valued at $833,000 after acquiring an additional 105 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Sun Communities by 1.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 6,002 shares of the real estate investment trust’s stock worth $710,000 after acquiring an additional 112 shares during the last quarter. Lindbrook Capital LLC grew its holdings in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 125 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Sun Communities by 3.1% in the 3rd quarter. CIBC Asset Management Inc now owns 4,306 shares of the real estate investment trust’s stock valued at $510,000 after purchasing an additional 130 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the business’s 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 transaction, 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Craig Leupold sold 2,500 shares of the firm’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 disclosure for this sale can be found here. Over the last quarter, insiders sold 7,000 shares of company stock worth $912,460. Company insiders own 1.89% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SUI. Evercore ISI decreased their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Royal Bank of Canada decreased their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Barclays dropped their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, January 26th. JMP Securities restated a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a research note on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Sun Communities currently has a consensus rating of “Hold” and an average price target of $138.92.

Sun Communities Stock Performance

Shares of Sun Communities stock opened at $116.72 on Thursday. The stock has a market capitalization of $14.55 billion, a price-to-earnings ratio of 100.62, a PEG ratio of 1.05 and a beta of 0.83. The firm’s fifty day simple moving average is $124.65 and its 200-day simple moving average is $125.82. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $141.52.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.22%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s dividend payout ratio is presently 324.14%.

About Sun Communities

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.