New York Life Investment Management LLC Boosts Position in Sun Communities, Inc. (NYSE:SUI)

New York Life Investment Management LLC increased its stake in Sun Communities, Inc. (NYSE:SUI) by 480.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,227 shares of the real estate investment trust’s stock after buying an additional 15,086 shares during the period. New York Life Investment Management LLC’s holdings in Sun Communities were worth $2,436,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Lindbrook Capital LLC increased its position in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 125 shares during the period. Spire Wealth Management increased its position in Sun Communities by 102.2% during the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 235 shares during the period. GAMMA Investing LLC purchased a new position in Sun Communities during the 4th quarter valued at about $80,000. Tobam increased its position in Sun Communities by 64.0% during the 4th quarter. Tobam now owns 743 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 290 shares during the period. Finally, Sugarloaf Wealth Management LLC increased its position in Sun Communities by 33.9% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 215 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Up 0.6 %

SUI stock opened at $117.30 on Monday. The firm’s fifty day simple moving average is $125.54 and its 200-day simple moving average is $125.73. The company has a market capitalization of $14.62 billion, a P/E ratio of 101.12, a price-to-earnings-growth ratio of 1.05 and a beta of 0.83. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $141.52.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a $0.94 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s dividend payout ratio is 324.14%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. 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 report on Monday, January 22nd. JMP Securities restated a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a report on Thursday. Compass Point raised their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Evercore ISI lowered their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. 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 report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $138.92.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 completion of the transaction, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $912,460 in the last ninety days. 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.