Meeder Asset Management Inc. Invests $1.36 Million in Sun Communities, Inc. $SUI

Meeder Asset Management Inc. acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,386 shares of the real estate investment trust’s stock, valued at approximately $1,365,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Fulcrum Asset Management LLP acquired a new stake in Sun Communities in the 3rd quarter valued at approximately $27,000. Wiser Advisor Group LLC acquired a new position in Sun Communities during the 3rd quarter worth approximately $46,000. Oslo Pensjonsforsikring AS acquired a new position in Sun Communities during the 1st quarter worth approximately $49,000. Prosperity Bancshares Inc bought a new position in shares of Sun Communities during the 4th quarter worth approximately $48,000. Finally, Allworth Financial LP grew its stake in shares of Sun Communities by 141.6% during the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 252 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their position. The sale 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 business’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 insiders.

Analyst Ratings Changes

A number of analysts have recently commented on SUI shares. Mizuho cut their price objective on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 30th. Jefferies Financial Group upgraded shares of Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company lowered their price target on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Royal Bank Of Canada lowered shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.38.

Sun Communities Stock Down 0.6%

NYSE:SUI opened at $120.60 on Wednesday. Sun Communities, Inc. has a twelve month low of $115.90 and a twelve month high of $137.85. The firm has a market capitalization of $14.69 billion, a price-to-earnings ratio of -17.01, a price-to-earnings-growth ratio of 3.86 and a beta of 0.78. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock’s 50 day moving average price is $121.35 and its two-hundred day moving average price is $125.94.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 dividend on an annualized basis and a yield of 3.7%. Sun Communities’s dividend payout ratio (DPR) is presently -63.19%.

About Sun Communities

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.