Insider Selling: Sun Communities, Inc. (NYSE:SUI) CEO Sells 4,000 Shares of Stock

Sun Communities, Inc. (NYSE:SUI) CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sun Communities Trading Up 0.9 %

NYSE SUI opened at $126.31 on Thursday. The stock has a market capitalization of $15.71 billion, a P/E ratio of 110.80, a PEG ratio of 8.02 and a beta of 0.81. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $143.99. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The firm’s 50-day moving average is $129.01 and its two-hundred day moving average is $124.99.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 326.32%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SUI shares. BMO Capital Markets lowered their price target on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. Barclays lowered their price target on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a research report on Friday, January 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target on the stock. Compass Point boosted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. Finally, Truist Financial lowered their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus price target of $141.17.

Institutional Trading of Sun Communities

Several hedge funds have recently made changes to their positions in SUI. MetLife Investment Management LLC purchased a new stake in shares of Sun Communities during the first quarter worth approximately $401,000. Yousif Capital Management LLC increased its stake in Sun Communities by 12.2% in the first quarter. Yousif Capital Management LLC now owns 6,798 shares of the real estate investment trust’s stock valued at $1,192,000 after purchasing an additional 739 shares during the last quarter. Raymond James Trust N.A. increased its stake in Sun Communities by 21.1% in the first quarter. Raymond James Trust N.A. now owns 1,190 shares of the real estate investment trust’s stock valued at $208,000 after purchasing an additional 207 shares during the last quarter. Prudential PLC purchased a new position in Sun Communities in the first quarter valued at approximately $385,000. Finally, Cetera Investment Advisers grew its position in shares of Sun Communities by 1.9% during the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after acquiring an additional 64 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

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.