Adams Asset Advisors LLC Purchases 13,300 Shares of Sun Communities, Inc. $SUI

Key Points

• Adams Asset Advisors increased its Sun Communities stake by 59.7% in the third quarter, purchasing 13,300 additional shares and bringing its holdings to 35,570 shares valued at approximately $3.94 million.
• Institutional investors own 99.59% of Sun Communities, with major new positions established by BlackRock, Canada Pension Plan Investment Board, Legal & General, Deutsche Bank and Bank of New York Mellon.
• Sun Communities declared a quarterly dividend of $1.12 per share, or $4.48 annually, representing a 4.0% yield. Analysts have a “Moderate Buy” consensus rating and an average price target of $138.11, above the reported share price of $111.78.

Adams Asset Advisors LLC grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 59.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,570 shares of the real estate investment trust's stock after buying an additional 13,300 shares during the period. Adams Asset Advisors LLC's holdings in Sun Communities were worth $3,940,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. bought a new stake in Sun Communities during the 2nd quarter valued at $1,649,715,000. Canada Pension Plan Investment Board bought a new position in shares of Sun Communities in the second quarter worth $156,841,000. Legal & General Group Plc bought a new position in shares of Sun Communities in the second quarter worth $122,737,000. Deutsche Bank AG acquired a new position in shares of Sun Communities during the second quarter valued at $108,430,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Sun Communities during the second quarter valued at $82,662,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Price Performance

NYSE SUI traded up $0.99 on Thursday, reaching $111.78. The company's stock had a trading volume of 1,439,279 shares, compared to its average volume of 1,169,364. Sun Communities, Inc. has a twelve month low of $109.77 and a twelve month 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. The stock has a market cap of $13.62 billion, a PE ratio of -15.77, a PEG ratio of 4.81 and a beta of 0.76. The firm's 50 day moving average is $118.05 and its two-hundred day moving average is $122.19.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $4.48 annualized dividend and a yield of 4.0%. Sun Communities's dividend payout ratio is currently -63.19%.

Analyst Upgrades and Downgrades

SUI has been the subject of several research analyst reports. Barclays upped their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a report on Monday, August 17th. Bank of America upgraded shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price target on the stock in a research report on Thursday, August 27th. Weiss Ratings lowered shares of Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. Evercore set a $136.00 price target on shares of Sun Communities in a research note on Monday, September 21st. Finally, Jefferies Financial Group upgraded shares of Sun Communities to a "strong-buy" rating in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $138.11.

About Sun Communities

Sun Communities, Inc is a real estate investment trust that owns, operates and develops residential communities and recreational properties. Its portfolio primarily includes manufactured housing communities, recreational vehicle resorts and marinas.

The company provides housing and leisure-oriented accommodations through communities offering manufactured homes, seasonal and long-term RV sites, and related amenities. Its marina operations include wet slips, dry storage and other services for boat owners.

Founded in 1975, Sun Communities serves residents, vacationers and boaters across the United States, with additional operations in the United Kingdom.

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