Engineers Gate Manager LP Increases Position in Sun Communities, Inc. $SUI

Engineers Gate Manager LP raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 5,319.8% in the second quarter, Holdings Channel.com reports. The firm owned 227,305 shares of the real estate investment trust’s stock after purchasing an additional 223,111 shares during the period. Engineers Gate Manager LP’s holdings in Sun Communities were worth $27,256,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. AQR Capital Management LLC increased its holdings in shares of Sun Communities by 17.8% during the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust’s stock valued at $1,554,000 after acquiring an additional 1,827 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Sun Communities by 21.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust’s stock worth $25,128,000 after purchasing an additional 33,981 shares in the last quarter. Empowered Funds LLC grew its position in Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust’s stock valued at $434,000 after purchasing an additional 829 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Sun Communities during the 1st quarter valued at about $362,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Sun Communities by 26.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 141 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sun Communities

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the firm’s 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 transaction, the director directly owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.58% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on SUI. Morgan Stanley decreased their target price on shares of Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a report on Wednesday, August 12th. Truist Financial reduced 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. Bank of America upgraded shares of Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 price objective for the company in a report on Thursday, August 27th. Weiss Ratings cut Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sun Communities has an average rating of “Moderate Buy” and an average target price of $139.42.

Sun Communities Stock Down 1.3%

SUI opened at $116.16 on Thursday. The stock has a market capitalization of $14.15 billion, a price-to-earnings ratio of -16.38, a PEG ratio of 5.37 and a beta of 0.77. The firm has a 50 day moving average price of $121.30 and a 200-day moving average price of $125.21. Sun Communities, Inc. has a twelve month low of $115.60 and a twelve month high of $137.85. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Wednesday, September 30th. Sun Communities’s dividend payout ratio (DPR) is -63.19%.

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.