Dark Forest Capital Management LP Makes New Investment in Sun Communities, Inc. (NYSE:SUI)

Dark Forest Capital Management LP purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,528 shares of the real estate investment trust’s stock, valued at approximately $1,508,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after purchasing an additional 1,105,306 shares in the last quarter. PGGM Investments raised its holdings in shares of Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after acquiring an additional 767,126 shares during the period. Daiwa Securities Group Inc. lifted its position in Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after acquiring an additional 424,842 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after purchasing an additional 238,498 shares during the period. Finally, Heitman Real Estate Securities LLC bought a new position in Sun Communities during the 4th quarter worth about $17,776,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Wells Fargo & Company boosted their target price on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Royal Bank of Canada raised their price target on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird boosted their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Evercore ISI downgraded shares of Sun Communities from an “outperform” rating to an “inline” rating and raised their target price for the company from $144.00 to $149.00 in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $140.91.

Insiders Place Their Bets

In other news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.89% of the company’s stock.

Sun Communities Price Performance

NYSE:SUI opened at $137.41 on Thursday. The company has a market cap of $17.13 billion, a P/E ratio of 118.46, a P/E/G ratio of 1.03 and a beta of 0.91. The firm’s fifty day moving average price is $133.80 and its two-hundred day moving average price is $125.39. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.74%. Sun Communities’s dividend payout ratio is currently 324.14%.

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.