NewEdge Wealth LLC Makes New Investment in Sun Communities, Inc. $SUI

NewEdge Wealth LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,014 shares of the real estate investment trust’s stock, valued at approximately $721,000.

A number of other hedge funds also recently made changes to their positions in the business. Fulcrum Asset Management LLP bought a new position in shares of Sun Communities during the 3rd quarter worth approximately $27,000. Wiser Advisor Group LLC bought a new position in Sun Communities in the 3rd quarter valued at about $46,000. Prosperity Bancshares Inc bought a new position in Sun Communities in the 4th quarter valued at about $48,000. Oslo Pensjonsforsikring AS acquired a new stake in Sun Communities during the first quarter worth approximately $49,000. Finally, Allworth Financial LP lifted its position in Sun Communities by 141.6% during the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 252 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SUI has been the topic of a number of recent research reports. Truist Financial lowered their target price on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday, June 26th. Evercore reaffirmed an “outperform” rating and issued a $144.00 price objective on shares of Sun Communities in a report on Wednesday, April 29th. Weiss Ratings downgraded Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Wells Fargo & Company decreased their price target on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Finally, Mizuho lowered their price target on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Sun Communities has a consensus rating of “Moderate Buy” and an average price target of $139.38.

Sun Communities Price Performance

Shares of SUI stock opened at $121.55 on Friday. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. Sun Communities, Inc. has a twelve month low of $115.90 and a twelve month high of $137.85. The company has a market cap of $14.80 billion, a P/E ratio of -17.14, a P/E/G ratio of 5.55 and a beta of 0.78. The business has a fifty day simple moving average of $121.08 and a 200 day simple moving average of $125.85.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $1.12 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.7%. Sun Communities’s dividend payout ratio is -63.19%.

Insider Buying and Selling

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the transaction, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. This represents a 70.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.58% of the company’s stock.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.