Russell Investments Group Ltd. Buys 570,329 Shares of Sun Communities, Inc. (NYSE:SUI)

Russell Investments Group Ltd. increased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 75.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,327,781 shares of the real estate investment trust’s stock after acquiring an additional 570,329 shares during the quarter. Russell Investments Group Ltd. owned approximately 1.07% of Sun Communities worth $177,638,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SUI. PGGM Investments bought a new position in shares of Sun Communities in the third quarter valued at $130,082,000. JPMorgan Chase & Co. lifted its stake in shares of 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 in the last quarter. Resolution Capital Ltd bought a new position in shares of Sun Communities in the third quarter valued at $104,406,000. Rush Island Management LP bought a new position in shares of Sun Communities in the third quarter valued at $65,134,000. Finally, Ceredex Value Advisors LLC bought a new position in shares of Sun Communities in the fourth quarter valued at $37,775,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Performance

NYSE SUI traded up $0.16 during trading hours on Friday, reaching $119.08. 394,605 shares of the company were exchanged, compared to its average volume of 518,050. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The business’s 50 day simple moving average is $127.11 and its 200-day simple moving average is $125.17. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $14.84 billion, a P/E ratio of 104.46, a P/E/G ratio of 1.06 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.16%. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction dated 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 owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the transaction, the director now directly owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock worth $912,460 over the last quarter. Corporate insiders own 1.89% of the company’s stock.

Analyst Upgrades and Downgrades

SUI has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. BMO Capital Markets lowered their target price on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 target price for the company. Compass Point increased their target price 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. Finally, Barclays lowered their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $141.17.

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.