Baxter Underwood Sells 3,000 Shares of Sun Communities, Inc. (NYSE:SUI) Stock

Sun Communities, Inc. (NYSE:SUI) CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares in the company, valued at approximately $8,340,810.66. The sale was disclosed in a document filed with the SEC, which is available at this link.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $130.48 on Friday. The stock has a 50 day moving average price of $121.72 and a 200 day moving average price of $123.48. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $137.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market capitalization of $16.27 billion, a PE ratio of 112.48, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.94 dividend. The ex-dividend date was Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.88%. Sun Communities’s payout ratio is 324.14%.

Hedge Funds Weigh In On Sun Communities

A number of large investors have recently made changes to their positions in the company. Edgestream Partners L.P. increased its stake in Sun Communities by 5.6% during the 2nd quarter. Edgestream Partners L.P. now owns 8,108 shares of the real estate investment trust’s stock worth $976,000 after acquiring an additional 428 shares during the period. One Capital Management LLC bought a new position in shares of Sun Communities in the 2nd quarter valued at $705,000. Dimensional Fund Advisors LP increased its stake in shares of Sun Communities by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after purchasing an additional 10,592 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after purchasing an additional 111,569 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Sun Communities by 56.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 54,100 shares of the real estate investment trust’s stock valued at $6,510,000 after purchasing an additional 19,575 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

SUI has been the topic of several recent research reports. Evercore ISI decreased 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. Royal Bank of Canada lifted their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. One 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. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average price target of $135.10.

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.