Naviter Wealth LLC Acquires 583 Shares of Sun Communities, Inc. (NYSE:SUI)

Naviter Wealth LLC raised its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 6.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 9,170 shares of the real estate investment trust’s stock after purchasing an additional 583 shares during the quarter. Naviter Wealth LLC’s holdings in Sun Communities were worth $1,188,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Farmers & Merchants Investments Inc. bought a new stake in shares of Sun Communities during the first quarter valued at approximately $26,000. Oak Thistle LLC bought a new position in shares of Sun Communities during the 1st quarter worth about $567,000. Pasadena Private Wealth LLC boosted its position in shares of Sun Communities by 4.2% during the 1st quarter. Pasadena Private Wealth LLC now owns 4,613 shares of the real estate investment trust’s stock valued at $593,000 after acquiring an additional 188 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Sun Communities in the first quarter valued at about $1,504,000. Finally, Vert Asset Management LLC raised its position in Sun Communities by 5.1% in the first quarter. Vert Asset Management LLC now owns 50,173 shares of the real estate investment trust’s stock worth $6,451,000 after purchasing an additional 2,440 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE:SUI opened at $118.04 on Wednesday. The stock has a market capitalization of $14.71 billion, a P/E ratio of 101.76, a P/E/G ratio of 1.06 and a beta of 0.89. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The business has a 50-day moving average price of $117.71 and a two-hundred day moving average price of $124.92.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 annualized dividend and a yield of 3.19%. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Ratings Changes

SUI has been the topic of a number of recent research reports. JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a report on Thursday, May 2nd. Evercore ISI cut their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Truist Financial reduced their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. Finally, Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. One investment 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $136.27.

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.