Canada Pension Plan Investment Board Buys New Position in Sun Communities, Inc. $SUI

Canada Pension Plan Investment Board bought a new stake in Sun Communities, Inc. (NYSE:SUI) during the second quarter, HoldingsChannel.com reports. The fund bought 1,307,991 shares of the real estate investment trust’s stock, valued at approximately $156,841,000.

Several other hedge funds also recently modified their holdings of SUI. Fulcrum Asset Management LLP acquired a new stake in shares of Sun Communities during the third quarter worth $27,000. Wiser Advisor Group LLC acquired a new position in Sun Communities in the third quarter valued at $46,000. Prosperity Bancshares Inc purchased a new position in Sun Communities during the fourth quarter worth about $48,000. Oslo Pensjonsforsikring AS purchased a new position in Sun Communities during the first quarter worth about $49,000. Finally, Allworth Financial LP boosted its stake in 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. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Price Performance

SUI opened at $125.31 on Thursday. 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, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85. The company has a 50 day moving average of $121.16 and a two-hundred day moving average of $125.82. The company has a market cap of $15.26 billion, a P/E ratio of -17.67, a P/E/G ratio of 5.74 and a beta of 0.78.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $1.12 dividend. 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 is presently -63.19%.

Insider Buying and Selling at Sun Communities

In other news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the sale, the director owned 857,761 shares in the company, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SUI has been the subject of several research analyst reports. 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. Barclays boosted their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Royal Bank Of Canada downgraded Sun Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 10th. Evercore reaffirmed an “outperform” rating and issued a $144.00 target price on shares of Sun Communities in a research report on Wednesday, April 29th. Finally, Odeon Capital Group set a $135.00 target price on Sun Communities in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.