Hazelview Securities Inc. Grows Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Hazelview Securities Inc. boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,544 shares of the real estate investment trust’s stock after purchasing an additional 660 shares during the quarter. Sun Communities comprises about 3.1% of Hazelview Securities Inc.’s investment portfolio, making the stock its 14th largest position. Hazelview Securities Inc. owned about 0.10% of Sun Communities worth $16,375,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities in the fourth quarter valued at $32,000. Quest Partners LLC bought a new position in shares of Sun Communities in the fourth quarter worth about $51,000. GAMMA Investing LLC bought a new position in shares of Sun Communities in the fourth quarter worth about $80,000. Tobam grew its holdings in shares of Sun Communities by 64.0% in the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 290 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC grew its holdings in shares of Sun Communities by 9.2% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust’s stock worth $124,000 after purchasing an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI traded down $0.15 during trading on Wednesday, reaching $118.88. 144,377 shares of the company’s stock traded hands, compared to its average volume of 772,701. The firm has a market cap of $14.82 billion, a PE ratio of 102.04, a P/E/G ratio of 1.05 and a beta of 0.87. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. The company has a 50-day simple moving average of $117.65 and a 200-day simple moving average of $125.37.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s payout ratio is 324.14%.

Analyst Upgrades and Downgrades

SUI has been the topic of several recent research reports. Evercore ISI dropped their target price 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. 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. Compass Point increased their price objective 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. JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada decreased their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and an average target price of $136.27.

Insider Transactions at Sun Communities

In other news, 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 transaction of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.89% of the company’s stock.

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.