92,165 Shares in Sun Communities, Inc. $SUI Acquired by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 92,165 Sun Communities shares worth approximately $11.1 million, while institutional investors collectively own 99.59% of the REIT.
• Sun Communities trades near $123.17 per share and pays a quarterly dividend of $1.12, equivalent to an annualized $4.48 dividend and a 3.6% yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $139.42, although some firms recently lowered targets or downgraded the stock to “hold.”

Corient Private Wealth LP purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 92,165 shares of the real estate investment trust's stock, valued at approximately $11,052,000. Corient Private Wealth LP owned 0.08% of Sun Communities as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in shares of Sun Communities in the second quarter valued at approximately $74,811,000. Freestone Grove Partners LP acquired a new position in shares of Sun Communities in the 2nd quarter valued at $3,136,000. Caisse de depot et placement du Quebec purchased a new stake in Sun Communities in the 2nd quarter valued at $1,328,000. Man Group plc purchased a new stake in Sun Communities in the 2nd quarter valued at $279,000. Finally, Jupiter Topco LLC acquired a new stake in Sun Communities during the 2nd quarter worth $3,080,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Stock Down 0.0%

Shares of Sun Communities stock opened at $123.17 on Friday. The company has a market cap of $15.00 billion, a P/E ratio of -17.37, a PEG ratio of 5.61 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. Sun Communities, Inc. has a one year low of $115.90 and a one year high of $137.85. The firm has a fifty day moving average of $121.35 and a two-hundred day moving average of $125.78.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities's dividend payout ratio is currently -63.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SUI shares. Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a research note on Thursday, July 9th. Truist Financial lowered 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. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Sun Communities in a research report on Thursday, May 14th. Royal Bank Of Canada downgraded Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Finally, 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 report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sun Communities currently has a consensus rating of "Moderate Buy" and an average target price of $139.42.

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 shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.58% of the stock is owned by corporate insiders.

Sun Communities 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.

Want to see what other hedge funds are holding SUI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Communities, Inc. (NYSE:SUI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source