Sun Communities, Inc. (NYSE:SUI) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 14.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 50,905 shares of the real estate investment trust's stock after purchasing an additional 6,420 shares during the period. Van ECK Associates Corp's holdings in Sun Communities were worth $6,803,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SUI. Lindbrook Capital LLC lifted its stake in shares of Sun Communities by 120.2% in the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 125 shares during the period. Spire Wealth Management lifted its holdings in shares of Sun Communities by 102.2% during the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust's stock worth $55,000 after acquiring an additional 235 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Sun Communities during the 4th quarter valued at about $80,000. Tobam increased its stake in Sun Communities by 64.0% in the fourth quarter. Tobam now owns 743 shares of the real estate investment trust's stock valued at $99,000 after acquiring an additional 290 shares during the period. Finally, Sugarloaf Wealth Management LLC raised its position in Sun Communities by 33.9% in the third quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust's stock worth $100,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. BMO Capital Markets dropped their target price on Sun Communities from $143.00 to $140.00 and set an "outperform" rating for the company in a report on Monday, January 22nd. Barclays cut their price objective on Sun Communities from $157.00 to $155.00 and set an "overweight" rating for the company in a research report on Friday, January 26th. Truist Financial lowered their price objective on shares of Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a report on Tuesday, January 30th. They set a "hold" rating and a $129.00 price objective on the stock. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Sun Communities has an average rating of "Hold" and a consensus target price of $138.92.

Insider Activity

In related news, CEO Baxter Underwood sold 4,000 shares of Sun Communities 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 transaction, the chief executive officer now directly owns 66,852 shares of the company's stock, valued at $8,789,700.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Clunet R. Lewis sold 500 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities 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 owns 66,852 shares of the company's stock, valued at $8,789,700.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Company insiders own 1.89% of the company's stock.

Sun Communities Trading Up 0.6 %

SUI traded up $0.66 during trading on Friday, reaching $117.30. 697,971 shares of the company's stock were exchanged, compared to its average volume of 696,598. 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, Inc. has a one year low of $102.74 and a one year high of $141.52. The stock has a market capitalization of $14.62 billion, a PE ratio of 101.12, a price-to-earnings-growth ratio of 1.04 and a beta of 0.83. The firm has a fifty day moving average price of $125.54 and a two-hundred day moving average price of $125.60.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities's previous quarterly dividend of $0.93. Sun Communities's payout ratio is 324.14%.

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.