Spirit of America Management Corp NY Sells 2,300 Shares of Sun Communities, Inc. (NYSE:SUI)

Spirit of America Management Corp NY cut its stake in Sun Communities, Inc. (NYSE:SUI) by 17.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,000 shares of the real estate investment trust’s stock after selling 2,300 shares during the quarter. Spirit of America Management Corp NY’s holdings in Sun Communities were worth $1,487,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SUI. Farmers & Merchants Investments Inc. purchased a new position in shares of Sun Communities in the 1st quarter valued at approximately $26,000. Quest Partners LLC lifted its position in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Sun Communities during the second quarter valued at $62,000. Fidelis Capital Partners LLC bought a new stake in shares of Sun Communities during the 1st quarter valued at $83,000. Finally, Blue Trust Inc. grew its position in shares of Sun Communities by 230.7% in the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after buying an additional 436 shares during the period. 99.59% of the stock is owned by institutional investors.

Sun Communities Trading Down 0.9 %

Sun Communities stock opened at $137.83 on Friday. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83. The business’s fifty day moving average is $135.64 and its 200 day moving average is $126.00. The stock has a market capitalization of $17.18 billion, a PE ratio of 160.27, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is presently 437.21%.

Insider Transactions at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were 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 in the company, valued at approximately $8,340,810.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SUI. Truist Financial lifted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. UBS Group raised Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group started coverage on Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective for the company. Wells Fargo & Company boosted their target price on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, Royal Bank of Canada raised their price target on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.91.

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.