Bank of New York Mellon Corp Purchases New Shares in Sun Communities, Inc. $SUI

Key Points

• Bank of New York Mellon acquired 689,363 Sun Communities shares worth approximately $82.7 million, giving it a 0.57% stake. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities declared a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.6% yield.
• The stock opened at $125.81, while analysts maintained an overall “Moderate Buy” consensus with an average price target of $139.38; director Gary A. Shiffman also sold shares worth about $3.0 million.

Bank of New York Mellon Corp purchased a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 689,363 shares of the real estate investment trust's stock, valued at approximately $82,662,000. Bank of New York Mellon Corp owned 0.57% of Sun Communities as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Sun Communities by 17.8% in the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust's stock worth $1,554,000 after purchasing an additional 1,827 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Sun Communities by 21.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust's stock worth $25,128,000 after buying an additional 33,981 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Sun Communities by 32.5% in the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock worth $434,000 after buying an additional 829 shares during the last quarter. Acadian Asset Management LLC bought a new position in Sun Communities during the 1st quarter valued at approximately $362,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Sun Communities by 26.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust's stock valued at $85,000 after buying an additional 141 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Insider Activity at Sun Communities

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 completion of the sale, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.58% of the stock is owned by corporate insiders.

Sun Communities Trading Up 1.9%

Shares of NYSE:SUI opened at $125.81 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. Sun Communities, Inc. has a 1 year low of $115.90 and a 1 year high of $137.85. The company has a market cap of $15.32 billion, a P/E ratio of -17.75, a PEG ratio of 5.63 and a beta of 0.78. The stock's fifty day moving average price is $121.09 and its 200-day moving average price is $125.80.

Sun Communities Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings downgraded Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Mizuho reduced their price target on Sun Communities from $143.00 to $137.00 and set an "outperform" rating for the company in a report on Tuesday, June 30th. Wells Fargo & Company lowered their price target on Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Truist Financial dropped their price target on shares of Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research note on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $139.38.

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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