26,155 Shares in Sun Communities, Inc. $SUI Bought by Freestone Grove Partners LP

Key Points

• Freestone Grove Partners purchased 26,155 shares of Sun Communities, valued at approximately $3.14 million. Institutional investors own 99.59% of the REIT’s outstanding stock.
• Sun Communities opened at $123.17 and recently paid a quarterly dividend of $1.12 per share, representing a 3.6% annualized yield.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $139.42, despite mixed actions including downgrades from RBC and Wall Street Zen.

Freestone Grove Partners LP purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,155 shares of the real estate investment trust's stock, valued at approximately $3,136,000.

A number of other large investors have also recently added to or reduced their stakes in SUI. Legal & General Group Plc lifted its position 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 worth $133,895,000 after purchasing an additional 65,053 shares during the period. BlackRock Inc. bought a new position in Sun Communities in the 2nd quarter valued at about $1,649,715,000. Ilmarinen Mutual Pension Insurance Co bought a new position in Sun Communities in the 4th quarter valued at about $1,549,000. Te Ahumairangi Investment Management Ltd acquired a new position in shares of Sun Communities in the 2nd quarter valued at approximately $2,877,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Sun Communities by 39.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 55,683 shares of the real estate investment trust's stock valued at $7,014,000 after buying an additional 15,630 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the transaction, the director directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.58% of the stock is currently owned by corporate insiders.

Sun Communities Price Performance

SUI stock opened at $123.17 on Friday. The company has a fifty day moving average price of $121.35 and a 200-day moving average price of $125.78. The company has a market capitalization of $15.00 billion, a P/E ratio of -17.37, a PEG ratio of 5.62 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 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 business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities's dividend payout ratio (DPR) is currently -63.19%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SUI. Royal Bank Of Canada lowered shares of Sun Communities from a "moderate buy" rating to a "hold" rating in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research report on Thursday, May 14th. Barclays raised their target price on Sun Communities from $146.00 to $147.00 and gave the company an "overweight" rating in a report on Monday, August 17th. Wall Street Zen lowered Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Wells Fargo & Company lowered 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. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $139.42.

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.

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