Te Ahumairangi Investment Management Ltd Invests $2.88 Million in Sun Communities, Inc. $SUI

Te Ahumairangi Investment Management Ltd bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,990 shares of the real estate investment trust’s stock, valued at approximately $2,877,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Legal & General Group Plc increased its position in shares of Sun Communities by 6.4% during the 4th quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust’s stock worth $133,895,000 after purchasing an additional 65,053 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Sun Communities in the 4th quarter valued at about $1,549,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Sun Communities by 39.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 55,683 shares of the real estate investment trust’s stock worth $7,014,000 after purchasing an additional 15,630 shares during the period. DNB Asset Management AS increased its holdings in shares of Sun Communities by 218.0% during the 4th quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust’s stock worth $9,545,000 after acquiring an additional 52,812 shares during the last quarter. Finally, Allstate Corp increased its holdings in shares of Sun Communities by 215.6% in the fourth quarter. Allstate Corp now owns 16,113 shares of the real estate investment trust’s stock valued at $1,997,000 after purchasing an additional 11,007 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 0.1%

Shares of NYSE:SUI opened at $121.55 on Monday. The company has a market capitalization of $14.80 billion, a P/E ratio of -17.14, a P/E/G ratio of 5.55 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The business’s 50 day simple moving average is $121.08 and its 200 day simple moving average is $125.85. Sun Communities, Inc. has a 1 year low of $115.90 and a 1 year high of $137.85.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis 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%.

Insider Activity

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction dated Wednesday, June 24th. The shares were 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 in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction 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 $1,244,051.14. This trade represents a 70.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Truist Financial decreased their target price on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research report on Friday, June 26th. Wells Fargo & Company decreased their price objective on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a report on Friday, May 22nd. Finally, Royal Bank Of Canada downgraded shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $139.38.

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.