Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Private Management Group Inc.

Private Management Group Inc. grew its position in shares of Sun Communities, Inc. (NYSE:SUI) by 10.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 236,973 shares of the real estate investment trust’s stock after acquiring an additional 22,262 shares during the quarter. Sun Communities comprises about 1.2% of Private Management Group Inc.’s investment portfolio, making the stock its 26th largest holding. Private Management Group Inc.’s holdings in Sun Communities were worth $31,671,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SUI. Yousif Capital Management LLC grew its holdings in Sun Communities by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock worth $833,000 after buying an additional 105 shares in the last quarter. GAMMA Investing LLC acquired a new position in Sun Communities during the 4th quarter worth $80,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of Sun Communities by 104.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 4,992 shares of the real estate investment trust’s stock worth $668,000 after purchasing an additional 2,555 shares in the last quarter. Cetera Trust Company N.A acquired a new position in shares of Sun Communities during the fourth quarter valued at $225,000. Finally, Handelsbanken Fonder AB raised its stake in shares of Sun Communities by 24.9% during the fourth quarter. Handelsbanken Fonder AB now owns 27,616 shares of the real estate investment trust’s stock valued at $3,691,000 after purchasing an additional 5,500 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of SUI traded up $1.79 during trading hours on Tuesday, hitting $120.08. 601,457 shares of the company were exchanged, compared to its average volume of 803,593. 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 market capitalization of $14.97 billion, a PE ratio of 105.33, a PEG ratio of 7.53 and a beta of 0.80. The firm has a fifty day simple moving average of $127.64 and a 200-day simple moving average of $125.24. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $141.52.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.13%. The ex-dividend date was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is presently 329.83%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SUI. JMP Securities reiterated a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research report on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price target for the company. Compass Point raised their price objective 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. Barclays cut their target price 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. Finally, Truist Financial decreased their price target on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research note on Monday, March 18th. One research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $141.17.

Insider Buying and Selling at Sun Communities

In related news, CEO Baxter Underwood sold 4,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now 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 Securities & Exchange Commission, which is available at the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $3,724,092. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. 1.89% of the stock is currently owned by corporate insiders.

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.