Amundi Increases Stock Position in Sun Communities, Inc. $SUI

Key Points

• Amundi increased its Sun Communities stake by 19.7% in the first quarter, adding 51,265 shares for a total of 312,099 shares valued at approximately $39.3 million. Institutional investors collectively own 99.59% of the REIT.
• Company insiders recently sold shares, including an executive vice president’s $3.0 million transaction and a director’s $3.0 million sale. Insiders own approximately 1.58% of Sun Communities.
• Analysts maintain a generally positive outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $139.98 versus a recent price of $123.75. Sun Communities also pays a quarterly dividend of $1.12 per share, yielding about 3.6% annually.

Amundi boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 19.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 312,099 shares of the real estate investment trust's stock after buying an additional 51,265 shares during the period. Amundi owned 0.25% of Sun Communities worth $39,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SUI. Norges Bank acquired a new stake in Sun Communities in the 4th quarter worth approximately $753,364,000. State Street Corp increased its stake in Sun Communities by 4.2% during the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust's stock valued at $699,862,000 after purchasing an additional 214,634 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Sun Communities by 12.4% in the fourth quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust's stock worth $624,490,000 after buying an additional 554,075 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Sun Communities by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust's stock worth $288,937,000 after buying an additional 9,539 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Sun Communities by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust's stock worth $228,280,000 after buying an additional 51,588 shares during the period. Institutional investors own 99.59% of the company's stock.

Insider Activity

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total value of $2,955,212.50. Following the completion of the transaction, the executive vice president owned 9,998 shares in the company, valued at $1,244,051.14. The trade was a 70.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary A. Shiffman sold 25,031 shares of the company's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director directly 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 SEC filing for this sale provides additional information. 1.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SUI has been the topic of several research reports. Evercore reiterated an "outperform" rating and issued a $144.00 price target on shares of Sun Communities in a report on Wednesday, April 29th. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $150.00 to $142.00 and set an "overweight" rating on the stock in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research note on Thursday, May 14th. Weiss Ratings restated a "hold (c)" rating on shares of Sun Communities in a research report on Wednesday. Finally, Truist Financial cut their price target on Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $139.98.

Sun Communities Stock Up 0.2%

SUI stock opened at $123.75 on Monday. Sun Communities, Inc. has a one year low of $115.90 and a one year 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 firm's fifty day moving average is $122.04 and its 200 day moving average is $126.44. The firm has a market cap of $15.07 billion, a PE ratio of -17.45, a P/E/G ratio of 4.03 and a beta of 0.79.

Sun Communities Announces Dividend

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

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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