Clearbridge Investments LLC Acquires 33,382 Shares of Sun Communities, Inc. (NYSE:SUI)

Clearbridge Investments LLC boosted its holdings in Sun Communities, Inc. (NYSE:SUI) by 12.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 304,180 shares of the real estate investment trust’s stock after buying an additional 33,382 shares during the quarter. Clearbridge Investments LLC’s holdings in Sun Communities were worth $40,654,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in Sun Communities by 30.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,836 shares of the real estate investment trust’s stock valued at $379,000 after buying an additional 661 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Sun Communities in the 4th quarter valued at approximately $648,000. Norges Bank acquired a new stake in Sun Communities during the 4th quarter valued at approximately $576,397,000. First National Advisers LLC increased its position in Sun Communities by 73.2% during the 4th quarter. First National Advisers LLC now owns 8,283 shares of the real estate investment trust’s stock valued at $1,107,000 after purchasing an additional 3,501 shares during the period. Finally, Farrow Financial Inc. acquired a new stake in Sun Communities during the 4th quarter valued at approximately $1,483,000. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

NYSE SUI opened at $122.46 on Thursday. The company has a fifty day moving average price of $122.07 and a 200-day moving average price of $126.52. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The firm has a market cap of $15.26 billion, a price-to-earnings ratio of 105.57, a PEG ratio of 1.08 and a beta of 0.83. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. 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 dividend yield of 3.07%. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s payout ratio is 324.14%.

Analysts Set New Price Targets

A number of research firms have weighed in on SUI. Compass Point increased their target price on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. Royal Bank of Canada decreased their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 target price for the company. Barclays reduced their price objective on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $136.27.

Insider Buying and Selling

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

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.