Private Management Group Inc. Raises Holdings in Sun Communities, Inc. (NYSE:SUI)

Private Management Group Inc. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 236,973 shares of the real estate investment trust's stock after purchasing an additional 22,262 shares during the period. Sun Communities accounts for approximately 1.2% of Private Management Group Inc.'s investment portfolio, making the stock its 26th biggest holding. Private Management Group Inc. owned about 0.19% of Sun Communities worth $31,671,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sugarloaf Wealth Management LLC increased its holdings in Sun Communities by 9.2% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust's stock worth $124,000 after buying an additional 78 shares during the period. Avior Wealth Management LLC lifted its holdings in shares of Sun Communities by 2.6% in the 3rd quarter. Avior Wealth Management LLC now owns 3,727 shares of the real estate investment trust's stock valued at $441,000 after buying an additional 96 shares during the period. Yousif Capital Management LLC raised its position in Sun Communities by 1.7% during the fourth quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust's stock valued at $833,000 after acquiring an additional 105 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Sun Communities by 1.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,002 shares of the real estate investment trust's stock valued at $710,000 after purchasing an additional 112 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its stake in shares of Sun Communities by 120.2% in the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds 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 Sun Communities stock in a transaction 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 sale, the chief executive officer now 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, 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 transaction of $320,975.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the chief executive officer now owns 66,852 shares of the company's stock, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,000 shares of company stock worth $912,460. Company insiders own 1.89% of the company's stock.

Sun Communities Trading Up 1.5 %

SUI stock traded up $1.79 during trading on Tuesday, reaching $120.08. 601,457 shares of the stock were exchanged, compared to its average volume of 803,593. The business has a 50 day moving average price of $127.64 and a 200-day moving average price of $125.24. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $14.97 billion, a price-to-earnings ratio of 105.33, a P/E/G ratio of 7.53 and a beta of 0.80.

Sun Communities Increases Dividend

The firm 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 was Wednesday, March 27th. This is a boost from Sun Communities's previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 3.13%. Sun Communities's dividend payout ratio is currently 329.83%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $150.00 price objective on shares of Sun Communities in a report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a research note on Tuesday, January 30th. They set a "hold" rating and a $129.00 target price for the company. Compass Point lifted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a "neutral" rating in a research note on Thursday, March 21st. BMO Capital Markets decreased their price objective 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. Finally, Truist Financial cut their target price on shares of Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Sun Communities currently has an average rating of "Hold" and a consensus price target of $141.17.

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.

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