Envestnet Asset Management Inc. Sells 15,824 Shares of Sun Communities, Inc. (NYSE:SUI)

Envestnet Asset Management Inc. reduced its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 6.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 217,344 shares of the real estate investment trust’s stock after selling 15,824 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Sun Communities worth $26,155,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SUI. Oppenheimer Asset Management Inc. boosted its position in Sun Communities by 56.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 54,100 shares of the real estate investment trust’s stock worth $6,510,000 after purchasing an additional 19,575 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Sun Communities by 5.6% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 116,037 shares of the real estate investment trust’s stock valued at $13,805,000 after buying an additional 6,152 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Sun Communities by 24.0% in the 2nd 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 acquiring an additional 424,842 shares during the period. Andra AP fonden lifted its position in Sun Communities by 35.4% during the second quarter. Andra AP fonden now owns 26,000 shares of the real estate investment trust’s stock worth $3,129,000 after acquiring an additional 6,800 shares during the last quarter. Finally, Choreo LLC boosted its holdings in shares of Sun Communities by 75.6% during the second quarter. Choreo LLC now owns 8,328 shares of the real estate investment trust’s stock worth $989,000 after acquiring an additional 3,586 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Sun Communities Stock Performance

NYSE SUI opened at $140.68 on Friday. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83. The firm has a market capitalization of $17.54 billion, a price-to-earnings ratio of 121.28, a P/E/G ratio of 1.07 and a beta of 0.91. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm’s 50 day simple moving average is $133.07 and its 200 day simple moving average is $125.25.

Sun Communities Dividend Announcement

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

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the business’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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.89% of the stock is owned by corporate insiders.

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.