Ceredex Value Advisors LLC Trims Stock Position in Sun Communities, Inc. (NYSE:SUI)

Ceredex Value Advisors LLC lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 44.4% in the third quarter, HoldingsChannel.com reports. The firm owned 207,268 shares of the real estate investment trust’s stock after selling 165,717 shares during the period. Ceredex Value Advisors LLC’s holdings in Sun Communities were worth $28,204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in Sun Communities during the 1st quarter worth $1,504,000. Norden Group LLC lifted its stake in shares of Sun Communities by 67.5% during the first quarter. Norden Group LLC now owns 3,392 shares of the real estate investment trust’s stock worth $435,000 after purchasing an additional 1,367 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Sun Communities by 11.5% during the first quarter. Commonwealth Equity Services LLC now owns 9,277 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 959 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Sun Communities by 20.4% during the first quarter. BNP Paribas Financial Markets now owns 137,488 shares of the real estate investment trust’s stock worth $17,678,000 after purchasing an additional 23,315 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Sun Communities by 6.2% in the first quarter. Janney Montgomery Scott LLC now owns 14,435 shares of the real estate investment trust’s stock valued at $1,856,000 after purchasing an additional 838 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on SUI shares. Wells Fargo & Company lifted their price target on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Truist Financial boosted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Evercore ISI upped their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, Robert W. Baird increased their price target on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.91.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.89% of the company’s stock.

Sun Communities Trading Down 1.8 %

Shares of NYSE:SUI opened at $130.31 on Friday. The stock has a market cap of $16.25 billion, a PE ratio of 151.53, a P/E/G ratio of 0.97 and a beta of 0.91. The business has a 50 day moving average of $135.78 and a 200-day moving average of $126.43. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s payout ratio is 437.21%.

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.