Inspire Investing LLC Trims Stake in Sun Communities, Inc. (NYSE:SUI)

Inspire Investing LLC cut its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 23.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,416 shares of the real estate investment trust’s stock after selling 4,034 shares during the period. Inspire Investing LLC’s holdings in Sun Communities were worth $1,614,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SUI. Bristlecone Advisors LLC lifted its position in shares of Sun Communities by 2.4% during the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock valued at $440,000 after buying an additional 85 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Sun Communities by 0.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 29,808 shares of the real estate investment trust’s stock valued at $3,833,000 after purchasing an additional 100 shares in the last quarter. US Bancorp DE boosted its position in shares of Sun Communities by 0.5% in the fourth quarter. US Bancorp DE now owns 20,541 shares of the real estate investment trust’s stock worth $2,745,000 after purchasing an additional 107 shares during the period. ZWJ Investment Counsel Inc. increased its stake in shares of Sun Communities by 5.9% in the first quarter. ZWJ Investment Counsel Inc. now owns 2,017 shares of the real estate investment trust’s stock worth $259,000 after purchasing an additional 112 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in shares of Sun Communities by 1.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after purchasing an additional 115 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday. Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and lifted their target price for the company from $144.00 to $149.00 in a research note on Monday. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Truist Financial increased their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Finally, Royal Bank of Canada boosted their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sun Communities currently has a consensus rating of “Hold” and an average price target of $140.91.

Insiders Place Their Bets

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

Sun Communities Stock Up 1.1 %

NYSE SUI opened at $144.63 on Friday. The stock has a 50 day moving average price of $132.73 and a 200-day moving average price of $125.23. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market capitalization of $18.03 billion, a P/E ratio of 124.68, a P/E/G ratio of 1.07 and a beta of 0.91.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.94 per share. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.60%. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

About Sun Communities

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.