GAMMA Investing LLC Invests $80,000 in Sun Communities, Inc. (NYSE:SUI)

GAMMA Investing LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 642 shares of the real estate investment trust’s stock, valued at approximately $80,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Sun Communities by 18.8% in the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after buying an additional 1,040,076 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Sun Communities by 1.9% in the third quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust’s stock valued at $535,331,000 after purchasing an additional 84,767 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Sun Communities by 1.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock valued at $347,193,000 after purchasing an additional 31,831 shares during the period. FMR LLC lifted its stake in shares of Sun Communities by 10.9% during the 3rd quarter. FMR LLC now owns 2,406,644 shares of the real estate investment trust’s stock worth $284,802,000 after buying an additional 236,771 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Sun Communities by 0.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,312,909 shares of the real estate investment trust’s stock worth $273,710,000 after buying an additional 16,368 shares during the period. 99.59% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SUI shares. Barclays reduced their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. JMP Securities reissued a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. 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. Compass Point raised their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. Finally, Truist Financial dropped their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $141.17.

Sun Communities Stock Up 1.0 %

Shares of NYSE SUI opened at $120.22 on Tuesday. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $141.52. The company’s 50 day moving average price is $126.91 and its 200-day moving average price is $125.47. The company has a market capitalization of $14.98 billion, a P/E ratio of 105.46, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a yield of 3.13%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is currently 329.83%.

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.