Duff & Phelps Investment Management Co. Cuts Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Duff & Phelps Investment Management Co. lowered its stake in Sun Communities, Inc. (NYSE:SUI) by 8.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 662,967 shares of the real estate investment trust’s stock after selling 60,179 shares during the quarter. Duff & Phelps Investment Management Co. owned about 0.53% of Sun Communities worth $79,781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Farmers & Merchants Investments Inc. purchased a new stake in shares of Sun Communities in the first quarter worth about $26,000. V Square Quantitative Management LLC bought a new position in shares of Sun Communities during the 4th quarter valued at approximately $32,000. Quest Partners LLC grew its holdings in shares of Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Sun Communities in the second quarter worth $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Sun Communities during the first quarter valued at $83,000. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 0.3 %

Shares of SUI opened at $135.98 on Friday. 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 firm has a market capitalization of $16.95 billion, a price-to-earnings ratio of 117.22, a PEG ratio of 1.02 and a beta of 0.91. The company has a 50-day moving average of $134.17 and a 200 day moving average of $125.47. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $147.83.

Sun Communities Announces Dividend

The company also recently announced 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. This represents a $3.76 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio is 324.14%.

Analysts Set New Price Targets

SUI has been the subject of a number of recent research reports. Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note 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. Royal Bank of Canada lifted their target price on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Wells Fargo & Company increased their price target on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Finally, Evercore ISI lowered shares of Sun Communities from an “outperform” rating to an “inline” rating and lifted their price objective for the stock from $144.00 to $149.00 in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities currently has an average rating of “Hold” and an average price target of $140.91.

Insiders Place Their Bets

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction dated 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 in the company, valued at $8,340,810.66. The transaction 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.

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.