Wealthfront Advisers LLC Buys 20,945 Shares of Sun Communities, Inc. $SUI

Wealthfront Advisers LLC raised its stake in Sun Communities, Inc. (NYSE:SUI) by 304.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,828 shares of the real estate investment trust’s stock after buying an additional 20,945 shares during the period. Wealthfront Advisers LLC’s holdings in Sun Communities were worth $3,590,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SUI. Aew Capital Management L P increased its holdings in Sun Communities by 7.2% in the second quarter. Aew Capital Management L P now owns 205,190 shares of the real estate investment trust’s stock valued at $25,954,000 after purchasing an additional 13,730 shares during the period. Allstate Corp acquired a new position in Sun Communities during the 3rd quarter worth about $659,000. Rakuten Investment Management Inc. bought a new stake in shares of Sun Communities in the 3rd quarter valued at about $1,527,000. Baillie Gifford & Co. grew its position in shares of Sun Communities by 26.6% in the 3rd quarter. Baillie Gifford & Co. now owns 48,210 shares of the real estate investment trust’s stock valued at $6,219,000 after buying an additional 10,127 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Sun Communities by 4.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,775,910 shares of the real estate investment trust’s stock valued at $351,125,000 after buying an additional 128,334 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of recent analyst reports. Barclays reaffirmed an “overweight” rating and issued a $144.00 price objective on shares of Sun Communities in a research note on Tuesday, January 13th. Truist Financial raised their price target on shares of Sun Communities from $141.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Wall Street Zen raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Sunday, November 9th. Jefferies Financial Group set a $142.00 price objective on shares of Sun Communities and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, January 20th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $137.46.

Sun Communities Stock Up 1.5%

Sun Communities stock opened at $130.85 on Friday. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.58. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $137.77. The firm’s fifty day moving average is $125.18 and its 200 day moving average is $125.92. The company has a market capitalization of $16.18 billion, a PE ratio of 16.40, a PEG ratio of 4.25 and a beta of 0.90.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Wednesday, December 31st were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Sun Communities’s payout ratio is presently 52.13%.

Insiders Place Their Bets

In other Sun Communities news, Director Gary A. Shiffman sold 156,875 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.53, for a total value of $19,378,768.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.77% of the company’s stock.

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.