Bank of America Corp DE Invests $74.81 Million in Sun Communities, Inc. $SUI

Key Points

• Bank of America acquired 623,891 Sun Communities shares worth approximately $74.81 million, representing about 0.51% of the REIT. Institutional investors collectively own 99.59% of the company.
• Sun Communities announced a quarterly dividend of $1.12 per share, equal to $4.48 annually and a 3.9% yield based on the reported stock price.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $138.92, versus a reported share price of $114.07.

Bank of America Corp DE bought a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 623,891 shares of the real estate investment trust's stock, valued at approximately $74,811,000. Bank of America Corp DE owned about 0.51% of Sun Communities at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Sun Communities during the second quarter worth $1,649,715,000. Norges Bank bought a new stake in shares of Sun Communities during the 4th quarter valued at about $753,364,000. Geode Capital Management LLC boosted its position in shares of Sun Communities by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust's stock valued at $288,937,000 after purchasing an additional 9,539 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 51,588 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Sun Communities during the second quarter worth approximately $156,841,000. 99.59% of the stock is currently owned by institutional investors.

Insider Activity at Sun Communities

In related news, Director Gary Shiffman sold 25,031 shares of Sun Communities stock in a transaction on 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 sale, the director directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.58% of the stock is currently owned by corporate insiders.

Sun Communities Stock Performance

NYSE SUI opened at $114.07 on Friday. Sun Communities, Inc. has a 1 year low of $113.74 and a 1 year high of $137.85. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of -16.09, a PEG ratio of 5.19 and a beta of 0.77. The company has a fifty day moving average price of $120.50 and a 200-day moving average price of $124.41.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given 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 dividend yield of 3.9%. Sun Communities's dividend payout ratio (DPR) is currently -63.19%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SUI. Wells Fargo & Company dropped their price target on Sun Communities from $142.00 to $141.00 and set an "overweight" rating on the stock in a research note on Monday, August 10th. Bank of America upgraded shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price objective for the company in a report on Thursday, August 27th. Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a research report on Thursday, July 9th. Jefferies Financial Group upgraded shares of Sun Communities to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Mizuho dropped their price target on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 30th. 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, Sun Communities presently has a consensus rating of "Moderate Buy" and an average target price of $138.92.

Sun Communities Profile

Sun Communities, Inc NYSE: SUI is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.

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