Wealth Alliance Takes $231,000 Position in Sun Communities, Inc. (NYSE:SUI)

Wealth Alliance acquired a new stake in Sun Communities, Inc. (NYSE:SUI) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 1,727 shares of the real estate investment trust’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. grew its position in shares of Sun Communities by 2.6% in the first quarter. BlackRock Inc. now owns 10,936,309 shares of the real estate investment trust’s stock valued at $1,540,707,000 after purchasing an additional 273,133 shares during the period. JPMorgan Chase & Co. grew its position in Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after acquiring an additional 1,040,076 shares during the period. State Street Corp grew its position in Sun Communities by 1.5% during the first quarter. State Street Corp now owns 5,879,907 shares of the real estate investment trust’s stock valued at $833,364,000 after acquiring an additional 85,103 shares during the period. Principal Financial Group Inc. grew its position in Sun Communities by 1.9% during the third quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust’s stock valued at $535,331,000 after acquiring an additional 84,767 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in Sun Communities by 4.5% during the third quarter. Daiwa Securities Group Inc. now owns 2,565,944 shares of the real estate investment trust’s stock valued at $303,653,000 after acquiring an additional 109,598 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of research reports. Truist Financial lowered their price target on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target for the company. BMO Capital Markets lowered their price target on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. JMP Securities reissued a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a research report on Wednesday, March 20th. Finally, Compass Point upped their target price on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sun Communities currently has a consensus rating of “Hold” and a consensus price target of $141.17.

Sun Communities Price Performance

Shares of NYSE SUI opened at $117.69 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The business has a 50-day moving average of $127.89 and a 200-day moving average of $125.05. The company has a market capitalization of $14.67 billion, a price-to-earnings ratio of 103.24, a PEG ratio of 7.55 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.94 dividend. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.19%. Sun Communities’s payout ratio is 329.83%.

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.