Squarepoint Ops LLC Sells 23,900 Shares of Sun Communities, Inc. (NYSE:SUI)

Squarepoint Ops LLC reduced its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 68.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,783 shares of the real estate investment trust's stock after selling 23,900 shares during the period. Squarepoint Ops LLC's holdings in Sun Communities were worth $1,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Farmers & Merchants Investments Inc. purchased a new stake in shares of Sun Communities during the 1st quarter valued at $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities during the 4th quarter valued at $32,000. Quest Partners LLC increased its position in shares of Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 381 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Sun Communities during the 2nd quarter valued at $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Sun Communities during the 1st quarter valued at $83,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Shares of NYSE:SUI traded down $1.30 during midday trading on Friday, reaching $129.77. 947,756 shares of the company's stock traded hands, compared to its average volume of 1,292,644. The company has a market cap of $16.17 billion, a price-to-earnings ratio of 111.87, a P/E/G ratio of 0.97 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83. The stock has a 50 day moving average of $135.05 and a 200 day moving average of $125.42.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 2.90%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities's dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SUI shares. Royal Bank of Canada lifted their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Evercore ISI lowered Sun Communities from an "outperform" rating to an "inline" rating and lifted their price objective for the stock from $144.00 to $149.00 in a report on Monday, September 16th. Truist Financial lifted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a report on Tuesday, August 13th. Robert W. Baird lifted their price objective on Sun Communities from $144.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company raised their target price on Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has an average rating of "Hold" and an average target price of $142.20.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the company's 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 completion of the sale, the chief executive officer now owns 63,462 shares in the company, valued at approximately $8,340,810.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.89% of the stock is owned by company insiders.

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.