OMERS ADMINISTRATION Corp Takes Position in Sun Communities, Inc. $SUI

OMERS ADMINISTRATION Corp bought a new stake in Sun Communities, Inc. (NYSE:SUI) in the second quarter, Holdings Channel reports. The institutional investor bought 6,617 shares of the real estate investment trust’s stock, valued at approximately $793,000.

A number of other institutional investors have also recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new stake in Sun Communities during the second quarter worth $1,307,000. Capital Square LLC bought a new position in shares of Sun Communities during the 2nd quarter worth about $923,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Sun Communities during the 2nd quarter worth about $303,000. Te Ahumairangi Investment Management Ltd acquired a new stake in shares of Sun Communities during the 2nd quarter valued at about $2,877,000. Finally, Bank of Nova Scotia acquired a new stake in shares of Sun Communities during the 2nd quarter valued at about $828,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Activity

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 shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director owned 857,761 shares in the company, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Truist Financial dropped their price target on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating for the company in a research report on Friday, June 26th. Odeon Capital Group set a $135.00 price objective on Sun Communities in a report on Thursday, July 9th. Wall Street Zen lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays increased their target price on Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Finally, Morgan Stanley cut their target price on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $139.42.

Sun Communities Trading Down 1.5%

Shares of SUI stock opened at $123.36 on Friday. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85. The company has a market capitalization of $15.03 billion, a P/E ratio of -17.40, a P/E/G ratio of 5.71 and a beta of 0.78. The firm has a 50-day moving average price of $121.26 and a 200 day moving average price of $125.80. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

The company 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 of this dividend was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. Sun Communities’s dividend payout ratio (DPR) is presently -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.