Napa Wealth Management Purchases New Shares in Sun Communities, Inc. (NYSE:SUI)

Napa Wealth Management acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,373 shares of the real estate investment trust’s stock, valued at approximately $317,000.

Several other institutional investors have also recently made changes to their positions in SUI. Evoke Wealth LLC purchased a new position in Sun Communities during the fourth quarter worth about $5,594,000. Clearbridge Investments LLC lifted its position in shares of Sun Communities by 12.3% during the 4th quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after buying an additional 33,382 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Sun Communities by 5.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock valued at $89,975,000 after acquiring an additional 33,795 shares in the last quarter. Strs Ohio increased its position in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock valued at $40,241,000 after acquiring an additional 23,792 shares during the last quarter. Finally, abrdn plc increased its position in shares of Sun Communities by 33.8% during the fourth quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock valued at $10,229,000 after acquiring an additional 19,314 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SUI. Evercore ISI reduced their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Royal Bank of Canada decreased their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Truist Financial dropped their target price on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. Compass Point raised their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Sun Communities currently has a consensus rating of “Hold” and an average price target of $136.27.

Insider Activity

In other Sun Communities 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 value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction dated Friday, March 22nd. The shares were 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 of the company’s stock, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. 1.89% of the stock is owned by company insiders.

Sun Communities Stock Performance

Shares of SUI opened at $116.64 on Friday. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $141.52. The stock’s 50-day simple moving average is $118.45 and its 200 day simple moving average is $126.03. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 100.55, a price-to-earnings-growth ratio of 1.03 and a beta of 0.87.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s payout ratio is 324.14%.

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.