Danske Bank A S Invests $8.87 Million in Sun Communities, Inc. $SUI

Danske Bank A S purchased a new stake in Sun Communities, Inc. (NYSE:SUI) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 74,003 shares of the real estate investment trust’s stock, valued at approximately $8,874,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Sun Communities in the 2nd quarter valued at about $1,649,715,000. Norges Bank bought a new position in shares of Sun Communities in the fourth quarter valued at about $753,364,000. State Street Corp raised its position in shares of Sun Communities by 4.2% in the third quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock valued at $699,862,000 after purchasing an additional 214,634 shares during the period. Wellington Management Group LLP lifted its stake in shares of Sun Communities by 12.4% during the 4th quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock worth $624,490,000 after buying an additional 554,075 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Sun Communities by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock worth $288,937,000 after buying an additional 9,539 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the business’s stock in a transaction on 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 owned 857,761 shares of the company’s stock, 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 filing with the SEC, which can be accessed through the SEC website. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the transaction, the executive vice president owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This trade represents a 70.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is currently owned by insiders.

Sun Communities Stock Performance

NYSE SUI opened at $121.55 on Friday. Sun Communities, Inc. has a 1 year low of $115.90 and a 1 year high of $137.85. The firm has a market capitalization of $14.80 billion, a price-to-earnings ratio of -17.14, a P/E/G ratio of 5.58 and a beta of 0.78. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The firm’s 50 day simple moving average is $121.08 and its 200 day simple moving average is $125.85.

Sun Communities Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.7%. Sun Communities’s payout ratio is -63.19%.

Analysts Set New Price Targets

SUI has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their price objective on Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a research note on Thursday, May 14th. Finally, Royal Bank Of Canada cut Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Two equities research 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.