Mitsubishi UFJ Asset Management Co. Ltd. Buys New Position in Sun Communities, Inc. $SUI

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 240,847 shares of the real estate investment trust’s stock, valued at approximately $28,880,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of Sun Communities as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of SUI. Fulcrum Asset Management LLP bought a new stake in Sun Communities in the 3rd quarter worth $27,000. Wiser Advisor Group LLC bought a new stake in shares of Sun Communities during the third quarter valued at approximately $46,000. Prosperity Bancshares Inc bought a new stake in shares of Sun Communities during the 4th quarter valued at $48,000. Oslo Pensjonsforsikring AS purchased a new stake in Sun Communities in the first quarter worth about $49,000. Finally, Allworth Financial LP grew its stake in shares of Sun Communities by 141.6% in the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 252 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SUI shares. Odeon Capital Group set a $135.00 target price on Sun Communities in a report on Thursday, July 9th. Wall Street Zen cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Colliers Securities upgraded 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. Wells Fargo & Company cut their price target on Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Finally, Jefferies Financial Group upgraded shares of Sun Communities to a “strong-buy” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $139.38.

Sun Communities Stock Performance

NYSE:SUI opened at $121.97 on Friday. The company has a market cap of $14.86 billion, a price-to-earnings ratio of -17.20, a PEG ratio of 5.57 and a beta of 0.78. Sun Communities, Inc. has a 1 year low of $115.90 and a 1 year high of $137.85. The stock’s 50 day simple moving average is $121.18 and its two-hundred day simple moving average is $125.88. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52.

Sun Communities Announces Dividend

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

Insider Activity

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the business’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 transaction of $3,002,718.76. Following the sale, the director directly owned 857,761 shares of the company’s stock, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 sale, 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. The SEC filing for this sale provides additional information. 1.58% of the stock is currently owned by corporate insiders.

Sun Communities Company 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.