Renaissance Technologies LLC Makes New Investment in Sun Communities, Inc. $SUI

Renaissance Technologies LLC bought a new position in Sun Communities, Inc. (NYSE:SUI) in the 1st quarter, Holdings Channel.com reports. The fund bought 30,100 shares of the real estate investment trust’s stock, valued at approximately $3,791,000.

Other institutional investors have also modified their holdings of the company. Whittier Trust Co. grew its stake in Sun Communities by 8.8% in the fourth quarter. Whittier Trust Co. now owns 264,511 shares of the real estate investment trust’s stock worth $32,495,000 after purchasing an additional 21,364 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Sun Communities by 9.2% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 110,415 shares of the real estate investment trust’s stock valued at $13,564,000 after buying an additional 9,268 shares in the last quarter. Legal & General Group Plc raised its stake in Sun Communities by 6.4% during the fourth quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust’s stock valued at $133,895,000 after buying an additional 65,053 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new position in Sun Communities during the 4th quarter worth approximately $1,549,000. Finally, DNB Asset Management AS lifted its holdings in Sun Communities by 218.0% during the 4th quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust’s stock worth $9,545,000 after buying an additional 52,812 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Activity

In other news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction that occurred on 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 transaction, the director directly owned 857,761 shares of the company’s stock, 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 SEC, which is available at this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the sale, the executive vice president owned 9,998 shares of the company’s stock, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their position. The SEC filing for this sale provides additional information. 1.58% of the stock is currently owned by insiders.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $120.49 on Friday. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $14.68 billion, a price-to-earnings ratio of -16.99, a PEG ratio of 3.93 and a beta of 0.78. The stock’s fifty day simple moving average is $121.64 and its 200 day simple moving average is $126.24. Sun Communities, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a yield of 3.7%. Sun Communities’s dividend payout ratio (DPR) is currently -63.19%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Evercore reissued an “outperform” rating and set a $144.00 price target on shares of Sun Communities in a research report on Wednesday, April 29th. Colliers Securities upgraded Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a research note on Thursday, May 14th. Barclays lowered their target price on Sun Communities from $147.00 to $146.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada boosted their price target on shares of Sun Communities from $147.00 to $148.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $139.98.

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.