Generate Investment Management Ltd Invests $9.04 Million in Sun Communities, Inc. (NYSE:SUI)

Generate Investment Management Ltd bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 66,863 shares of the real estate investment trust's stock, valued at approximately $9,037,000. Generate Investment Management Ltd owned approximately 0.05% of Sun Communities as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Vert Asset Management LLC increased its holdings in Sun Communities by 0.7% during the 3rd quarter. Vert Asset Management LLC now owns 51,023 shares of the real estate investment trust's stock worth $6,896,000 after purchasing an additional 372 shares in the last quarter. Aurora Investment Managers LLC. grew its holdings in shares of Sun Communities by 26.0% during the third quarter. Aurora Investment Managers LLC. now owns 25,055 shares of the real estate investment trust's stock worth $3,386,000 after buying an additional 5,175 shares in the last quarter. Naviter Wealth LLC grew its holdings in shares of Sun Communities by 2.5% during the third quarter. Naviter Wealth LLC now owns 8,936 shares of the real estate investment trust's stock worth $1,216,000 after buying an additional 221 shares in the last quarter. Swedbank AB lifted its stake in Sun Communities by 52.8% in the 3rd quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust's stock valued at $21,944,000 after acquiring an additional 56,132 shares in the last quarter. Finally, Creative Planning boosted its position in Sun Communities by 56.8% during the 3rd quarter. Creative Planning now owns 9,491 shares of the real estate investment trust's stock worth $1,283,000 after acquiring an additional 3,439 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

Sun Communities stock traded down $1.39 during mid-day trading on Friday, hitting $136.19. 923,252 shares of the company's stock traded hands, compared to its average volume of 801,014. 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 firm has a 50 day simple moving average of $135.31 and a two-hundred day simple moving average of $125.72. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83. The stock has a market cap of $16.97 billion, a price-to-earnings ratio of 117.41, a P/E/G ratio of 0.95 and a beta of 0.91.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's dividend payout ratio is presently 324.14%.

Insider Buying and Selling

In other news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $8,340,810.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SUI has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. UBS Group upgraded shares of Sun Communities to a "strong-buy" rating in a research note on Thursday, October 10th. 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. StockNews.com cut Sun Communities from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Robert W. Baird boosted their price target on Sun Communities from $144.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of "Moderate Buy" and an average price target of $143.82.

About Sun Communities

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.