NewEdge Wealth LLC bought a new position in Sun Communities, Inc. (NYSE:SUI – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,014 shares of the real estate investment trust’s stock, valued at approximately $721,000.
Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Sun Communities during the second quarter valued at about $1,649,715,000. Norges Bank acquired a new position in shares of Sun Communities in the fourth quarter valued at approximately $753,364,000. State Street Corp raised its holdings in Sun Communities by 4.2% in the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock valued at $699,862,000 after buying an additional 214,634 shares during the last quarter. Wellington Management Group LLP raised its holdings in Sun Communities by 12.4% in the 4th quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock valued at $624,490,000 after buying an additional 554,075 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Sun Communities by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock worth $288,937,000 after buying an additional 9,539 shares during the period. 99.59% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
SUI has been the topic of a number of research reports. Barclays boosted their target price on shares of Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Truist Financial cut their price target on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research note on Thursday, May 14th. Weiss Ratings lowered Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.38.
Insider Transactions at Sun Communities
In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the sale, the director owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total value of $2,955,212.50. Following the transaction, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. The trade was a 70.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is owned by corporate insiders.
Sun Communities Price Performance
Sun Communities stock opened at $121.55 on Friday. The stock’s 50 day moving average price is $121.08 and its two-hundred day moving average price is $125.85. The stock has a market capitalization of $14.80 billion, a price-to-earnings ratio of -17.14, a PEG ratio of 5.55 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. Sun Communities, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85.
Sun Communities Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.12 per share. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Sun Communities’s dividend payout ratio is currently -63.19%.
Sun Communities Profile
Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.
Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.
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