Pasadena Private Wealth LLC Has $593,000 Position in Sun Communities, Inc. (NYSE:SUI)

Pasadena Private Wealth LLC lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.2% during the first quarter, Holdings Channel.com reports. The firm owned 4,613 shares of the real estate investment trust’s stock after acquiring an additional 188 shares during the period. Pasadena Private Wealth LLC’s holdings in Sun Communities were worth $593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SUI. Norges Bank bought a new position in shares of Sun Communities during the 4th quarter worth about $576,397,000. JPMorgan Chase & Co. lifted its position in Sun Communities by 18.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after acquiring an additional 1,040,076 shares in the last quarter. Resolution Capital Ltd bought a new position in Sun Communities in the 3rd quarter valued at about $104,406,000. Russell Investments Group Ltd. lifted its position in Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock valued at $177,638,000 after acquiring an additional 570,329 shares in the last quarter. Finally, Rush Island Management LP bought a new position in Sun Communities in the 3rd quarter valued at about $65,134,000. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Royal Bank of Canada dropped their price target on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a research report on Thursday, May 2nd. 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 research report on Wednesday, May 1st. Truist Financial dropped their target price on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. Finally, Compass Point lifted their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $136.27.

Sun Communities Stock Performance

Sun Communities stock traded down $0.52 during mid-day trading on Friday, reaching $119.54. The company’s stock had a trading volume of 14,565 shares, compared to its average volume of 766,330. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. The company has a market capitalization of $14.90 billion, a P/E ratio of 103.50, a PEG ratio of 1.05 and a beta of 0.87. The firm’s fifty day moving average price is $117.69 and its two-hundred day moving average price is $125.28. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.52.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s dividend payout ratio is presently 324.14%.

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.