Edgestream Partners L.P. Buys 428 Shares of Sun Communities, Inc. (NYSE:SUI)

Edgestream Partners L.P. boosted its position in Sun Communities, Inc. (NYSE:SUI) by 5.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,108 shares of the real estate investment trust’s stock after purchasing an additional 428 shares during the quarter. Edgestream Partners L.P.’s holdings in Sun Communities were worth $976,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Evoke Wealth LLC acquired a new stake in shares of Sun Communities in the 4th quarter worth $5,594,000. Centersquare Investment Management LLC boosted its holdings in Sun Communities by 4.7% in 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 acquiring an additional 96,529 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Sun Communities by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock worth $18,414,000 after acquiring an additional 11,195 shares in the last quarter. APG Asset Management US Inc. grew its stake in shares of Sun Communities by 10.0% during the fourth quarter. APG Asset Management US Inc. now owns 428,979 shares of the real estate investment trust’s stock worth $57,333,000 after acquiring an additional 39,028 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Sun Communities during the second quarter valued at about $13,164,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Down 2.7 %

Shares of NYSE:SUI opened at $140.68 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $147.83. The business has a 50 day moving average of $133.07 and a two-hundred day moving average of $125.25. The company has a market capitalization of $17.54 billion, a PE ratio of 121.28, a PEG ratio of 1.07 and a beta of 0.91.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SUI shares. Wells Fargo & Company boosted their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Evercore ISI cut Sun Communities from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $144.00 to $149.00 in a research report on Monday, September 16th. Robert W. Baird boosted their price target on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial raised their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and a consensus price target of $140.91.

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.