Sun Communities, Inc. $SUI Stake Decreased by Royal Bank of Canada

Royal Bank of Canada trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 12.9% during the first quarter, Holdings Channel.com reports. The firm owned 158,606 shares of the real estate investment trust’s stock after selling 23,559 shares during the quarter. Royal Bank of Canada’s holdings in Sun Communities were worth $19,979,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Sun Communities by 1,226.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 199 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 184 shares in the last quarter. Fulcrum Asset Management LLP acquired a new stake in shares of Sun Communities in the third quarter valued at $27,000. Wiser Advisor Group LLC bought a new position in Sun Communities during the third quarter valued at about $46,000. Oslo Pensjonsforsikring AS acquired a new position in Sun Communities during the first quarter worth about $49,000. Finally, Prosperity Bancshares Inc bought a new stake in Sun Communities in the fourth quarter worth about $48,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Down 0.6%

Sun Communities stock opened at $120.96 on Thursday. The company has a 50 day moving average price of $121.80 and a 200 day moving average price of $126.35. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a market capitalization of $14.73 billion, a price-to-earnings ratio of -17.06, a P/E/G ratio of 3.97 and a beta of 0.78.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities’s payout ratio is -63.19%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of Sun Communities from $150.00 to $142.00 and set an “overweight” rating on the stock in a research note on Friday, May 29th. Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Friday, May 22nd. Mizuho decreased their target price on Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Finally, Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $139.98.

Insider Buying and Selling

In other news, Director Gary A. Shiffman sold 25,031 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the transaction, the director directly owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 9,998 shares in the company, valued at approximately $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. Insiders own 1.58% of the company’s stock.

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.