MQS Management LLC Buys Shares of 2,868 Sun Communities, Inc. (NYSE:SUI)

MQS Management LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,868 shares of the real estate investment trust’s stock, valued at approximately $345,000.

Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after acquiring an additional 1,105,306 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Sun Communities by 3.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after purchasing an additional 111,569 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after buying an additional 424,842 shares in the last quarter. Centersquare Investment Management LLC boosted its holdings in Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Sun Communities by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after purchasing an additional 10,592 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 2.8 %

Shares of NYSE SUI opened at $140.62 on Friday. The stock has a market cap of $17.53 billion, a price-to-earnings ratio of 121.23, a PEG ratio of 1.07 and a beta of 0.91. The business has a 50 day simple moving average of $133.07 and a 200 day simple moving average of $125.29. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $147.83.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Monday, September 30th. Sun Communities’s payout ratio is presently 324.14%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SUI. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and upped their target price for the company from $144.00 to $149.00 in a research note on Monday, September 16th. Royal Bank of Canada upped their price target on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday. Robert W. Baird increased their price target on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Finally, Truist Financial raised their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Sun Communities has an average rating of “Hold” and an average target price of $140.91.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.89% of the stock is currently owned by corporate insiders.

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.