Davis Selected Advisers Sells 22,070 Shares of Sun Communities, Inc. (NYSE:SUI)

Davis Selected Advisers cut its holdings in Sun Communities, Inc. (NYSE:SUI) by 45.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,670 shares of the real estate investment trust’s stock after selling 22,070 shares during the period. Davis Selected Advisers’ holdings in Sun Communities were worth $3,209,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SUI. Evoke Wealth LLC bought a new position in Sun Communities in the 4th quarter worth $5,594,000. Clearbridge Investments LLC lifted its position in shares of Sun Communities by 12.3% during the 4th quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock valued at $40,654,000 after buying an additional 33,382 shares in the last quarter. Centersquare Investment Management LLC grew its stake in shares of Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after acquiring an additional 96,529 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Sun Communities by 8.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock valued at $18,414,000 after acquiring an additional 11,195 shares during the period. Finally, APG Asset Management US Inc. increased its holdings in Sun Communities by 10.0% in the 4th quarter. APG Asset Management US Inc. now owns 428,979 shares of the real estate investment trust’s stock worth $57,333,000 after acquiring an additional 39,028 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SUI shares. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Robert W. Baird upped their target price on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Evercore ISI raised their price target on Sun Communities from $143.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Truist Financial boosted their price objective on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada increased their target price on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $137.64.

Sun Communities Price Performance

NYSE:SUI traded down $1.24 during trading hours on Monday, reaching $139.98. The stock had a trading volume of 39,013 shares, compared to its average volume of 729,327. The stock has a market capitalization of $17.45 billion, a PE ratio of 121.74, a PEG ratio of 1.03 and a beta of 0.91. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $141.32. The company has a 50 day moving average price of $128.21 and a two-hundred day moving average price of $124.38. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.69%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio is presently 324.14%.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares in the company, 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. 1.89% of the stock is currently owned by company insiders.

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.