Osborne Partners Capital Management LLC Raises Stake in Sun Communities, Inc. (NYSE:SUI)

Osborne Partners Capital Management LLC increased its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 106.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,334 shares of the real estate investment trust's stock after acquiring an additional 21,269 shares during the period. Osborne Partners Capital Management LLC's holdings in Sun Communities were worth $5,524,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Cohen & Steers Inc. grew its holdings in Sun Communities by 40.8% during the second quarter. Cohen & Steers Inc. now owns 12,664,321 shares of the real estate investment trust's stock valued at $1,652,024,000 after purchasing an additional 3,668,076 shares during the period. Norges Bank bought a new position in Sun Communities during the fourth quarter valued at $315,323,000. PGGM Investments bought a new position in shares of Sun Communities in the third quarter worth $130,082,000. JPMorgan Chase & Co. boosted its holdings in shares of Sun Communities by 18.8% in the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust's stock worth $777,168,000 after acquiring an additional 1,040,076 shares during the period. Finally, Resolution Capital Ltd bought a new position in shares of Sun Communities in the third quarter worth $104,406,000. 99.59% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 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 directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the business'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 transaction, the director now owns 28,400 shares of the company's stock, valued at $3,724,092. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock worth $912,460. Insiders own 2.06% of the company's stock.

Sun Communities Stock Down 2.4 %

Sun Communities stock traded down $3.14 during trading hours on Monday, hitting $125.44. 566,109 shares of the stock traded hands, compared to its average volume of 870,402. The firm's 50-day moving average price is $128.93 and its two-hundred day moving average price is $125.09. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $143.99. The company has a market cap of $15.61 billion, a PE ratio of 110.04, a PEG ratio of 8.20 and a beta of 0.81. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. This is a positive change from Sun Communities's previous quarterly dividend of $0.93. The ex-dividend date is Wednesday, March 27th. Sun Communities's dividend payout ratio (DPR) is presently 329.82%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays lowered their price objective on Sun Communities from $157.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, January 26th. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a report on Tuesday, January 30th. They issued a "hold" rating and a $129.00 price objective on the stock. BMO Capital Markets decreased their price objective on Sun Communities from $143.00 to $140.00 and set an "outperform" rating on the stock in a report on Monday, January 22nd. JMP Securities reiterated a "market outperform" rating and issued a $150.00 price objective on shares of Sun Communities in a report on Wednesday, March 20th. Finally, Truist Financial decreased their price objective on Sun Communities from $143.00 to $136.00 and set a "hold" rating on the stock in a report on Monday, March 18th. One 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 data from MarketBeat, Sun Communities has an average rating of "Hold" and an average target price of $141.17.

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.