Hsbc Holdings PLC Takes Position in Sun Communities, Inc. $SUI

Hsbc Holdings PLC acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 573,646 shares of the real estate investment trust’s stock, valued at approximately $68,747,000.

Other hedge funds have also bought and sold shares of the company. Fulcrum Asset Management LLP acquired a new position in Sun Communities in the third quarter valued at $27,000. Wiser Advisor Group LLC bought a new stake in Sun Communities during the third quarter valued at $46,000. Prosperity Bancshares Inc acquired a new stake in Sun Communities during the 4th quarter worth about $48,000. Oslo Pensjonsforsikring AS acquired a new stake in Sun Communities during the 1st quarter worth about $49,000. Finally, Allworth Financial LP raised its position in shares of 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 acquiring an additional 252 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Insiders Place Their Bets

In related news, Director Gary A. Shiffman sold 25,031 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the sale, the director owned 857,761 shares in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.58% of the company’s stock.

Sun Communities Trading Down 0.5%

Shares of Sun Communities stock opened at $125.31 on Thursday. The stock has a market capitalization of $15.26 billion, a PE ratio of -17.67, a price-to-earnings-growth ratio of 5.74 and a beta of 0.78. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The stock has a 50 day moving average price of $121.16 and a two-hundred day moving average price of $125.82. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52.

Sun Communities Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Evercore reissued an “outperform” rating and issued a $144.00 price objective on shares of Sun Communities in a research note on Wednesday, April 29th. Morgan Stanley decreased their target price on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 12th. Wells Fargo & Company lowered their target price on Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Royal Bank Of Canada lowered Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Truist Financial cut their price target on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average 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.