Ceredex Value Advisors LLC Buys Shares of 280,873 Sun Communities, Inc. (NYSE:SUI)

Ceredex Value Advisors LLC purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 280,873 shares of the real estate investment trust's stock, valued at approximately $37,775,000. Ceredex Value Advisors LLC owned 0.23% of Sun Communities as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Cohen & Steers Inc. raised its holdings in shares of Sun Communities by 40.8% in the second quarter. Cohen & Steers Inc. now owns 12,664,321 shares of the real estate investment trust's stock worth $1,652,024,000 after acquiring an additional 3,668,076 shares during the last quarter. BlackRock Inc. boosted its position in Sun Communities by 2.6% during the first quarter. BlackRock Inc. now owns 10,936,309 shares of the real estate investment trust's stock worth $1,540,707,000 after acquiring an additional 273,133 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Sun Communities by 18.8% during 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 last quarter. State Street Corp boosted its position in Sun Communities by 1.5% during the first quarter. State Street Corp now owns 5,879,907 shares of the real estate investment trust's stock worth $833,364,000 after acquiring an additional 85,103 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Sun Communities by 1.9% during the third quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust's stock worth $535,331,000 after acquiring an additional 84,767 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.0 %

Shares of SUI traded up $0.02 during midday trading on Friday, hitting $122.93. The company had a trading volume of 402,294 shares, compared to its average volume of 617,000. The company's 50 day moving average price is $128.72 and its 200 day moving average price is $125.04. The stock has a market cap of $15.32 billion, a price-to-earnings ratio of 107.83, a PEG ratio of 7.84 and a beta of 0.80. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $143.99. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a $0.94 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.06%. 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 have weighed in on SUI. Truist Financial decreased their price target 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. JMP Securities restated a "market outperform" rating and set a $150.00 target price on shares of Sun Communities in a report on Wednesday, March 20th. Barclays reduced their target price on shares of Sun Communities from $157.00 to $155.00 and set an "overweight" rating on the stock in a report on Friday, January 26th. Compass Point lifted 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. Finally, BMO Capital Markets reduced their target price on shares of Sun Communities from $143.00 to $140.00 and set an "outperform" rating on the stock in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $141.17.

Insider Activity

In other news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the business's stock in a transaction dated Tuesday, March 5th. The shares were 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 directly owns 28,400 shares of the company's stock, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Leupold sold 2,500 shares of the business's stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. In the last three months, insiders sold 7,000 shares of company stock valued at $912,460. Company insiders own 2.06% of the company's stock.

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.