Sun Communities (NYSE:SUI) Hits New 1-Year High After Dividend Announcement

Sun Communities, Inc. (NYSE:SUI) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $138.79 and last traded at $138.37, with a volume of 74763 shares traded. The stock had previously closed at $135.52.

The newly announced dividend which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.94 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.76%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Evercore ISI raised their target price on Sun Communities from $143.00 to $144.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. Royal Bank of Canada raised their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Truist Financial raised their target price on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Robert W. Baird lifted their price objective on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday. One 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $137.64.

Sun Communities Price Performance

The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a 50 day moving average price of $127.44 and a two-hundred day moving average price of $124.32. The firm has a market capitalization of $16.99 billion, a price-to-earnings ratio of 117.49, a PEG ratio of 0.99 and a beta of 0.91.

Insider Activity

In other 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 value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. acquired a new position in Sun Communities during the 1st quarter worth $26,000. V Square Quantitative Management LLC acquired a new position in Sun Communities during the 4th quarter worth $32,000. Quest Partners LLC grew its stake in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in Sun Communities during the 2nd quarter worth $62,000. Finally, Fidelis Capital Partners LLC acquired a new position in Sun Communities during the 1st quarter worth $83,000. 99.59% of the stock is owned by institutional investors and hedge funds.

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.