Naviter Wealth LLC Raises Stock Position in Sun Communities, Inc. (NYSE:SUI)

Naviter Wealth LLC raised its position in Sun Communities, Inc. (NYSE:SUI) by 12.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 8,587 shares of the real estate investment trust’s stock after purchasing an additional 980 shares during the period. Naviter Wealth LLC’s holdings in Sun Communities were worth $1,156,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SUI. Lindbrook Capital LLC boosted its position in Sun Communities by 120.2% during the third 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 during the last quarter. Spire Wealth Management grew its position in shares of Sun Communities by 102.2% in the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 235 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $80,000. Tobam lifted its position in Sun Communities by 64.0% during the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock worth $99,000 after buying an additional 290 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC boosted its stake in Sun Communities by 33.9% during the third quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction 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 in the company, valued at $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value 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 in the last ninety days. 1.89% of the stock is owned by corporate insiders.

Sun Communities Trading Up 1.0 %

NYSE:SUI opened at $120.31 on Tuesday. The stock has a market cap of $15.00 billion, a P/E ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a 50-day simple moving average of $126.91 and a 200-day simple moving average of $125.47.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.13%. This is an increase 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 (DPR) is 329.83%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target on the stock. Compass Point boosted their target price on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. JMP Securities restated a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a report on Tuesday, April 23rd. BMO Capital Markets reduced their target price on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. Finally, Truist Financial decreased their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. 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, the company presently has an average rating of “Hold” and a consensus price target of $141.17.

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.