Chilton Capital Management LLC Cuts Sun Communities Stake by 6.3%

Chilton Capital Management LLC decreased its stake in Sun Communities, Inc. (NYSE: SUI) by 6.3% during the fourth quarter, according to the company's latest Form 13F filing with the SEC. The fund sold 9,157 shares, reducing its holdings to 135,289 shares valued at approximately $18,155,000.

Chilton Capital Management LLC Reduces Stake in Sun Communities

In the fourth quarter of 2023, Chilton Capital Management LLC significantly reduced its holdings in Sun Communities, Inc. (NYSE: SUI), a real estate investment trust (REIT), according to its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The fund sold 9,157 shares of SUI, decreasing its ownership by 6.3% to 135,289 shares. At the end of the reporting period, Chilton Capital Management LLC's stake in Sun Communities was valued at approximately $18,155,000, representing about 0.11% of the company's outstanding shares.

Institutional Investors Adjust Positions

Other institutional investors have also made notable adjustments to their positions in Sun Communities. Stratos Wealth Partners LTD. increased its investment by 9.2% in the third quarter, acquiring an additional 155 shares, bringing its total holdings to 1,846 shares, valued at $219,000. DNB Asset Management AS expanded its position by 5.6% in the fourth quarter, purchasing 932 additional shares, resulting in a total of 17,647 shares worth $2,359,000.

Schonfeld Strategic Advisors LLC significantly increased its investment in Sun Communities by 2,782.0% in the third quarter, acquiring 219,698 additional shares. The firm now holds 227,595 shares valued at $26,934,000. Schroder Investment Management Group also boosted its stake by 50.8% in the third quarter, purchasing 189,510 additional shares, resulting in a total of 562,238 shares, valued at $66,535,000.

Charles Schwab Investment Management Inc. slightly increased its investment by 0.8% in the third quarter, acquiring 8,200 additional shares, bringing its total holdings to 1,013,843 shares, valued at $119,978,000.

Collectively, hedge funds and other institutional investors hold 99.59% of Sun Communities' outstanding shares.

Sun Communities Stock Performance

On Friday, SUI traded higher by $2.28 to $128.58 during midday trading, with a trading volume of 896,097 shares, compared to its average daily volume of 809,790 shares. The company's 50-day simple moving average (SMA) stood at $128.99, while its 200-day SMA was $125.06.

Sun Communities had a debt-to-equity ratio of 1.05, a quick ratio of 1.66, and a current ratio of 1.66. The company's 52-week low was $102.74, while its 52-week high was $143.99. Sun Communities' market capitalization was $16.00 billion, with a trailing price-to-earnings (P/E) ratio of 112.79, a price-to-earnings-growth (PEG) ratio of 8.20, and a beta of 0.81.

Dividend Increase

Sun Communities recently announced a quarterly dividend of $0.94 per share, payable on April 15th, 2024, to shareholders of record as of March 29th, 2024. The ex-dividend date is March 27th, 2024. This represented an increase from the previous quarterly dividend of $0.93. On an annualized basis, this dividend translates to $3.76 per share and provides a dividend yield of 2.92%. The current dividend payout ratio for Sun Communities is 329.83%.

Insider Transactions

In other news related to Sun Communities, Director Clunet R. Lewis sold 500 shares of the company's stock on March 5th, 2024, at an average price of $131.13 per share, for a total transaction value of $65,565.00. Following the sale, Lewis now owns 28,400 shares of the company, valued at $3,724,092.

CEO Baxter Underwood sold 4,000 shares of the company's stock on March 22nd, 2024, at an average price of $131.48 per share, for a total transaction value of $525,920.00. After the sale, Underwood now owns 66,852 shares of the company, valued at approximately $8,789,700.96.

Over the past three months, insiders have sold a total of 7,000 shares of Sun Communities stock, with a total transaction value of $912,460. Insider ownership of the company's shares currently stands at 2.06%.

Analysts Set Price Targets

Several research analysts have recently provided their assessments and price targets for Sun Communities. Barclays lowered its price target for the company from $157.00 to $155.00 and maintained an "Overweight" rating in a research report dated January 26th, 2024.

BMO Capital Markets reduced its price target for SUI from $143.00 to $140.00 and reiterated its "Outperform" rating in a research report dated January 22nd, 2024.

JMP Securities maintained a "Market Outperform" rating for Sun Communities and set a price target of $150.00 in a research report dated March 20th, 2024.

Truist Financial downgraded its price target for the company from $143.00 to $136.00 and assigned a "Hold" rating in a research report dated March 18th, 2024.

Compass Point raised its price target for Sun Communities from $116.00 to $125.00 and maintained a "Neutral" rating in a research report dated March 21st, 2024.

Based on these analysts' ratings, Sun Communities has a consensus rating of "Hold" and an average target price of $141.17.

Company Profile

Sun Communities, Inc., established in 1975, became a publicly owned REIT in December 1993. It is listed on the New York Stock Exchange under the ticker symbol SUI. As of December 31st, 2023, Sun Communities owned, operated, or had an interest in a portfolio of 667 developed manufactured housing (MH), recreational vehicle (RV), and marina properties across the United States, the United Kingdom, and Canada. The company's portfolio consisted of 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces.