Sun Communities, Inc. (NYSE:SUI) Short Interest Update

Sun Communities, Inc. (NYSE:SUI) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 4,050,000 shares, a growth of 55.8% from the August 31st total of 2,600,000 shares. Based on an average daily trading volume, of 723,900 shares, the short-interest ratio is presently 5.6 days.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.89% of the stock is currently owned by insiders.

Institutional Trading of Sun Communities

Several large investors have recently added to or reduced their stakes in SUI. Bristlecone Advisors LLC boosted its stake in Sun Communities by 2.4% during the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 85 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Sun Communities by 0.8% during the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Sun Communities by 15.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after acquiring an additional 102 shares in the last quarter. US Bancorp DE boosted its stake in shares of Sun Communities by 0.5% during the 4th quarter. US Bancorp DE now owns 20,541 shares of the real estate investment trust’s stock worth $2,745,000 after acquiring an additional 107 shares in the last quarter. Finally, ZWJ Investment Counsel Inc. boosted its stake in shares of Sun Communities by 5.9% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 2,017 shares of the real estate investment trust’s stock worth $259,000 after acquiring an additional 112 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.3 %

NYSE SUI traded up $0.36 on Friday, hitting $135.98. 1,389,690 shares of the stock traded hands, compared to its average volume of 782,182. The stock has a 50-day moving average of $134.17 and a 200 day moving average of $125.42. Sun Communities has a twelve month low of $102.74 and a twelve month high of $147.83. The company has a market capitalization of $16.95 billion, a P/E ratio of 117.22, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Monday, September 30th. Sun Communities’s payout ratio is 324.14%.

Wall Street Analyst Weigh In

SUI has been the topic of several research analyst reports. Robert W. Baird raised their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Truist Financial lifted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Wells Fargo & Company lifted their target price on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Finally, Evercore ISI cut Sun Communities from an “outperform” rating to an “inline” rating and lifted their price objective for the company from $144.00 to $149.00 in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $140.91.

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.