Norden Group LLC Reduces Stock Position in Sun Communities, Inc. (NYSE:SUI)

Norden Group LLC trimmed its position in shares of Sun Communities, Inc. (NYSE:SUI) by 24.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,025 shares of the real estate investment trust’s stock after selling 672 shares during the quarter. Norden Group LLC’s holdings in Sun Communities were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SUI. JPMorgan Chase & Co. grew its stake in shares of Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after purchasing an additional 1,040,076 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Sun Communities by 1.9% during the 3rd quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust’s stock worth $535,331,000 after acquiring an additional 84,767 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Sun Communities by 1.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock worth $347,193,000 after purchasing an additional 31,831 shares during the period. FMR LLC increased its position in Sun Communities by 10.9% in the third quarter. FMR LLC now owns 2,406,644 shares of the real estate investment trust’s stock worth $284,802,000 after buying an additional 236,771 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Sun Communities by 0.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,312,909 shares of the real estate investment trust’s stock worth $273,710,000 after buying an additional 16,368 shares during the period. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SUI. Barclays reduced their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. BMO Capital Markets decreased their price objective on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. Royal Bank of Canada dropped their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday. Compass Point raised their price target on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $138.92.

Insider Activity

In related news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock valued at $912,460 in the last ninety days. Insiders own 1.89% of the company’s stock.

Sun Communities Stock Up 1.3 %

Shares of NYSE SUI opened at $112.74 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.52. The firm’s 50-day moving average price is $126.11 and its 200-day moving average price is $125.43. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 97.19, a P/E/G ratio of 1.00 and a beta of 0.83.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 3.34%. Sun Communities’s dividend payout ratio is 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.