Korea Investment CORP Acquires Shares of 71,210 Sun Communities, Inc. $SUI

Korea Investment CORP purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 71,210 shares of the real estate investment trust’s stock, valued at approximately $8,539,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Sun Communities in the second quarter valued at approximately $1,649,715,000. Norges Bank bought a new stake in Sun Communities during the 4th quarter worth approximately $753,364,000. Wellington Management Group LLP increased its holdings in Sun Communities by 1,224.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock valued at $578,668,000 after purchasing an additional 4,147,015 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Sun Communities by 37,933.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust’s stock valued at $182,663,000 after purchasing an additional 1,470,286 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Sun Communities in the 2nd quarter valued at $108,430,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on SUI. Morgan Stanley decreased their target price on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 12th. Wells Fargo & Company cut their price target 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 upgraded shares of Sun Communities to a “strong-buy” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada lowered shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 10th. Finally, Mizuho lowered their price objective on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $139.38.

Sun Communities Stock Up 1.3%

Shares of SUI opened at $123.30 on Tuesday. The firm has a market capitalization of $15.02 billion, a price-to-earnings ratio of -17.39, a PEG ratio of 5.55 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The business’s fifty day moving average price is $121.06 and its two-hundred day moving average price is $125.82. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities’s dividend payout ratio is -63.19%.

Insider Transactions at Sun Communities

In related news, Director Gary A. 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 owned 857,761 shares in the company, valued at $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.58% of the stock is currently owned by corporate insiders.

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.