Te Ahumairangi Investment Management Ltd Invests $2.88 Million in Sun Communities, Inc. $SUI

Te Ahumairangi Investment Management Ltd purchased a new stake in Sun Communities, Inc. (NYSE:SUI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 23,990 shares of the real estate investment trust’s stock, valued at approximately $2,877,000.

Several other large investors have also recently bought and sold shares of SUI. Bank of Nova Scotia bought a new stake in Sun Communities during the 2nd quarter worth about $828,000. Greenland Capital Management LP bought a new stake in shares of Sun Communities during the second quarter worth approximately $2,638,000. Commerce Bank bought a new stake in shares of Sun Communities during the second quarter worth approximately $378,000. Northwestern Mutual Wealth Management Co. acquired a new position in Sun Communities in the second quarter valued at approximately $83,000. Finally, Evolve Private Wealth LLC acquired a new position in Sun Communities in the second quarter valued at approximately $293,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Buying and Selling

In related news, Director Gary A. Shiffman sold 25,031 shares of the firm’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 directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’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 sale, the executive vice president owned 9,998 shares in the company, valued at approximately $1,244,051.14. The trade was a 70.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.58% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SUI. Evercore reaffirmed an “outperform” rating and issued a $144.00 price objective on shares of Sun Communities in a research note on Wednesday, April 29th. Royal Bank Of Canada lowered Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Morgan Stanley decreased their price objective 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. Odeon Capital Group set a $135.00 target price on Sun Communities in a research note on Thursday, July 9th. Finally, Colliers Securities upgraded Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.38.

Sun Communities Trading Down 0.1%

NYSE SUI opened at $121.55 on Monday. The firm has a market cap of $14.80 billion, a P/E ratio of -17.14, a P/E/G ratio of 5.55 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The stock’s 50-day moving average is $121.08 and its 200-day moving average is $125.85. Sun Communities, Inc. has a one year low of $115.90 and a one year high of $137.85.

Sun Communities Dividend Announcement

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

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.