Poplar Forest Capital LLC Purchases New Stake in Sun Communities, Inc. (NYSE:SUI)

Poplar Forest Capital LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 58,895 shares of the real estate investment trust’s stock, valued at approximately $7,871,000. Sun Communities accounts for about 1.1% of Poplar Forest Capital LLC’s investment portfolio, making the stock its 29th largest position.

Other hedge funds also recently made changes to their positions in the company. Lindbrook Capital LLC raised its stake in shares of Sun Communities by 120.2% during the third 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 raised its stake in shares of Sun Communities by 102.2% during the third 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 stake in shares of Sun Communities during the fourth quarter valued at approximately $80,000. Tobam raised its stake in shares of Sun Communities by 64.0% during the fourth 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 raised its stake in shares of Sun Communities by 33.9% during the third 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.

Insiders Place Their Bets

In other 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 completion of the transaction, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 transaction, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock valued at $912,460 over the last 90 days. 1.89% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SUI shares. BMO Capital Markets dropped their price objective on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research note 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 research note on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price target for the company. Compass Point lifted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note 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 note on Monday, March 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $141.17.

Sun Communities Stock Performance

Sun Communities stock traded up $0.26 during mid-day trading on Wednesday, reaching $120.30. The company’s stock had a trading volume of 596,105 shares, compared to its average volume of 801,013. The firm has a market cap of $14.99 billion, a price-to-earnings ratio of 105.53, a PEG ratio of 7.57 and a beta of 0.80. The business has a 50 day moving average price of $127.51 and a 200-day moving average price of $125.20. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is currently 329.83%.

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.