Sun Communities, Inc. (NYSE:SUI) Stake Raised by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 8.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 626,591 shares of the real estate investment trust’s stock after purchasing an additional 49,758 shares during the period. Westfield Capital Management Co. LP owned approximately 0.50% of Sun Communities worth $83,744,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC grew its position in Sun Communities by 12.3% in the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after buying an additional 33,382 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Sun Communities by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after acquiring an additional 33,795 shares during the last quarter. Strs Ohio raised its position in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after purchasing an additional 23,792 shares during the period. abrdn plc lifted its holdings in shares of Sun Communities by 33.8% during the fourth quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock valued at $10,229,000 after purchasing an additional 19,314 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Sun Communities by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,045,403 shares of the real estate investment trust’s stock valued at $139,718,000 after purchasing an additional 31,560 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Down 1.0 %

SUI stock traded down $1.15 during mid-day trading on Friday, hitting $117.15. The stock had a trading volume of 535,352 shares, compared to its average volume of 796,462. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The company has a fifty day moving average of $121.54 and a 200 day moving average of $126.52. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of 100.99, a PEG ratio of 1.03 and a beta of 0.83.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.21%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SUI shares. Evercore ISI cut their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price objective on the stock. Truist Financial reduced their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a report on Monday, March 18th. Royal Bank of Canada decreased their target price on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Finally, Compass Point upped their price target on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. One investment 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $136.27.

Insider Buying and Selling at Sun Communities

In other news, Director Craig Leupold sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a document filed with the SEC, which is accessible 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 value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was 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 sold 7,000 shares of company stock worth $912,460 over the last ninety days. 1.89% of the stock is currently owned by insiders.

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.