Sun Communities, Inc. (NYSE:SUI) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its holdings in Sun Communities, Inc. (NYSE:SUI) by 10.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 456,836 shares of the real estate investment trust’s stock after selling 56,057 shares during the quarter. Millennium Management LLC owned approximately 0.37% of Sun Communities worth $54,976,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. MBB Public Markets I LLC acquired a new position in Sun Communities in the second quarter valued at $1,083,000. Dark Forest Capital Management LP purchased a new stake in Sun Communities during the second quarter valued at about $1,508,000. DigitalBridge Group Inc. grew its position in Sun Communities by 79.3% during the second quarter. DigitalBridge Group Inc. now owns 176,365 shares of the real estate investment trust’s stock valued at $21,224,000 after acquiring an additional 78,000 shares during the period. APG Asset Management N.V. grew its position in Sun Communities by 185.3% during the second quarter. APG Asset Management N.V. now owns 13,856 shares of the real estate investment trust’s stock valued at $1,556,000 after acquiring an additional 9,000 shares during the period. Finally, APG Asset Management US Inc. grew its position in Sun Communities by 5.8% during the second quarter. APG Asset Management US Inc. now owns 453,979 shares of the real estate investment trust’s stock valued at $53,915,000 after acquiring an additional 25,000 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Price Performance

Shares of NYSE SUI opened at $135.15 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $147.83. The business has a 50-day moving average of $134.35 and a 200-day moving average of $125.38. The company has a market capitalization of $16.84 billion, a price-to-earnings ratio of 116.51, a PEG ratio of 1.02 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently declared 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 2.78%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Insider Buying and Selling

In related 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 value of $394,290.00. Following the transaction, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and boosted their price target for the company from $144.00 to $149.00 in a research report on Monday, September 16th. Royal Bank of Canada boosted their price target on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company boosted their price target on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $140.91.

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.