Burns Matteson Capital Management LLC Sells 659 Shares of Sun Communities, Inc. (NYSE:SUI)

Burns Matteson Capital Management LLC cut its stake in Sun Communities, Inc. (NYSE:SUI) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,992 shares of the real estate investment trust’s stock after selling 659 shares during the period. Sun Communities comprises approximately 0.8% of Burns Matteson Capital Management LLC’s holdings, making the stock its 25th largest holding. Burns Matteson Capital Management LLC’s holdings in Sun Communities were worth $1,621,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Bristlecone Advisors LLC lifted its holdings in shares of Sun Communities by 2.4% during the second quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock valued at $440,000 after acquiring an additional 85 shares during the period. Toronto Dominion Bank lifted its holdings in Sun Communities by 0.8% during the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock valued at $1,434,000 after purchasing an additional 98 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Sun Communities by 15.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock valued at $92,000 after buying an additional 102 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Sun Communities by 1.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after buying an additional 115 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Sun Communities by 2.8% during the second quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust’s stock worth $623,000 after buying an additional 142 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on SUI shares. Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and boosted their target price for the stock from $144.00 to $149.00 in a report on Monday, September 16th. Truist Financial increased their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Wells Fargo & Company lifted their price target on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Robert W. Baird increased their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Finally, UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Sun Communities has an average rating of “Moderate Buy” and an average price target of $142.20.

Sun Communities Trading Up 0.7 %

Shares of SUI traded up $0.92 on Friday, reaching $129.80. 1,165,217 shares of the company’s stock were exchanged, compared to its average volume of 795,468. The business has a 50 day moving average price of $134.84 and a two-hundred day moving average price of $125.43. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $147.83. The stock has a market capitalization of $16.18 billion, a P/E ratio of 150.93, a price-to-earnings-growth ratio of 0.93 and a beta of 0.91. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Monday, September 30th. Sun Communities’s payout ratio is 437.21%.

Insider Activity

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.89% of the stock is currently owned by company insiders.

Sun Communities Company 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.