Alyeska Investment Group L.P. Invests $66.82 Million in Sun Communities, Inc. $SUI

Key Points

• Alyeska Investment Group initiated a $66.82 million position in Sun Communities, purchasing 557,257 shares, or approximately 0.46% of the REIT. Institutional investors and hedge funds collectively own 99.59% of the company.
• Sun Communities shares opened at $123.17, near the lower end of their 52-week range, while the company’s quarterly dividend implies an annualized payout of $4.48 per share and a 3.6% yield.
• Analyst sentiment remains moderately positive, with an average price target of $139.42, although several firms recently cut their price targets or downgraded the stock; insider ownership stands at 1.58% after a director sold shares.

Alyeska Investment Group L.P. bought a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 557,257 shares of the real estate investment trust's stock, valued at approximately $66,821,000. Alyeska Investment Group L.P. owned approximately 0.46% of Sun Communities as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Fulcrum Asset Management LLP bought a new stake in Sun Communities during the third quarter valued at $27,000. Wiser Advisor Group LLC acquired a new position in Sun Communities in the third quarter valued at approximately $46,000. Oslo Pensjonsforsikring AS bought a new position in shares of Sun Communities during the first quarter valued at approximately $49,000. Prosperity Bancshares Inc bought a new position in shares of Sun Communities during the fourth quarter valued at approximately $48,000. Finally, Allworth Financial LP raised its position in shares of Sun Communities by 141.6% during the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 252 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.2%

Sun Communities stock opened at $123.17 on Monday. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The stock has a market cap of $15.00 billion, a price-to-earnings ratio of -17.37, a PEG ratio of 5.61 and a beta of 0.78. The company's 50-day moving average price is $121.35 and its two-hundred day moving average price is $125.78. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 annualized dividend and a yield of 3.6%. Sun Communities's dividend payout ratio (DPR) is currently -63.19%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SUI. 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 reduced their price target on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating on the stock in a report on Monday, August 10th. Finally, Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Two 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's stock. Based on data from MarketBeat, Sun Communities currently has an average rating of "Moderate Buy" and an average price target of $139.42.

Insiders Place Their Bets

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 owned 857,761 shares of the company's stock, valued at $102,897,009.56. The trade was a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.58% of the stock is owned by corporate insiders.

Sun Communities Company 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.

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