Victory Capital Management Inc. Buys 2,989 Shares of Sun Communities, Inc. (NYSE:SUI)

Victory Capital Management Inc. lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,195 shares of the real estate investment trust’s stock after acquiring an additional 2,989 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Sun Communities worth $8,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bristlecone Advisors LLC boosted its stake in shares of Sun Communities by 2.4% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 85 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Sun Communities by 0.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 29,808 shares of the real estate investment trust’s stock valued at $3,833,000 after acquiring an additional 100 shares during the last quarter. US Bancorp DE grew its holdings in Sun Communities by 0.5% during the 4th quarter. US Bancorp DE now owns 20,541 shares of the real estate investment trust’s stock worth $2,745,000 after acquiring an additional 107 shares during the period. ZWJ Investment Counsel Inc. raised its position in shares of Sun Communities by 5.9% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 2,017 shares of the real estate investment trust’s stock worth $259,000 after acquiring an additional 112 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of Sun Communities by 2.8% in the 2nd quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust’s stock valued at $623,000 after purchasing an additional 142 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Truist Financial raised their price target on shares of 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 price objective on shares of Sun Communities from $143.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Royal Bank of Canada boosted 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. Finally, Robert W. Baird increased their price target on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $137.64.

Sun Communities Stock Performance

NYSE SUI opened at $147.58 on Monday. The company has a fifty day moving average price of $130.69 and a 200-day moving average price of $124.80. The firm has a market cap of $18.40 billion, a price-to-earnings ratio of 127.23, a PEG ratio of 1.06 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, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.94 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.55%. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

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.