Envestnet Portfolio Solutions Inc. decreases the position in Sun Communities, Inc. (NYSE:SUI)

VaselineAugust 20, 2024

0 4 minutes read

Envestnet Portfolio Solutions Inc. reduced its position in Sun Communities, Inc. (NYSE:SUI – Free Report) by 5.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,566 shares of the real estate investment trust’s stock after selling 337 shares during the period. Holdings of Envestnet Portfolio Solutions Inc. in Sun Communities were worth $670,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SUI. Principal Financial Group Inc. lifted its position in shares of Sun Communities by 1.0% during the 4th quarter. Principal Financial Group Inc. now owns 4,569,401 shares of the real estate investment trust’s stock valued at $610,700,000 after buying an additional 45,700 shares during the last quarter. Norges Bank acquired a new stake in Sun Communities during the fourth quarter valued at approximately $576,397,000. Price T Rowe Associates Inc. MD boosted its position in Sun Communities by 50.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after buying an additional 1,105,306 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Sun Communities by 8.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,514,234 shares of the real estate investment trust’s stock worth $336,027,000 after purchasing an additional 201,325 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its position in shares of Sun Communities by 4.7% in the first 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 buying an additional 96,529 shares during the period. 99.59% of shares are owned by institutional investors.

Changes in Analyst Ratings

A number of research analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. JMP Securities restated a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research note on Thursday, May 2nd. Royal Bank of Canada raised their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Evercore ISI decreased 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $135.30, according to MarketBeat.com.

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Sun Communities Trading Up 0.5%

Shares of SUI stock opened at $132.11 on Tuesday. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $137.45. The company has a market cap of $16.47 billion, a P/E ratio of 113.89, a P/E/G ratio of 0.97 and a beta of 0.88. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42, and a quick ratio of 1.42. The company’s 50-day simple moving average is $123.40, and its 200-day simple moving average is $123.66.

Sun Communities announces dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.94 per share. This represents an annualized dividend of $3.76 and a dividend yield of 2.85%. The ex-dividend date was Friday, June 28. Sun Communities’ dividend payout ratio (DPR) is currently 324.14%.

Insider trading at Sun Communities

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

About Sun communities

(Free report)

Founded in 1975, Sun Communities, Inc became a public 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 Marine properties comprising 179,310 developed sites and approximately 48,030 wet and dry storage spaces in the US, UK and Canada . .