Caisse de depot et placement du Quebec Purchases Shares of 11,075 Sun Communities, Inc. $SUI

Key Points

• Caisse de dépôt et placement du Québec acquired 11,075 shares of Sun Communities during the second quarter, worth approximately $1.33 million. Institutional investors and hedge funds collectively own 99.59% of the REIT.
• Analyst opinions remain generally favorable but mixed: Sun Communities has an average “Moderate Buy” rating and a consensus price target of $139.42, despite several recent downgrades to “Hold” or “Sell.”
• Sun Communities shares opened at $123.17, while the company maintains a quarterly dividend of $1.12 per share, equivalent to an annualized $4.48 payout and a 3.6% yield.

Caisse de depot et placement du Quebec purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,075 shares of the real estate investment trust's stock, valued at approximately $1,328,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Sun Communities in the 2nd quarter valued at approximately $1,649,715,000. Norges Bank acquired a new position in Sun Communities during the 4th quarter worth approximately $753,364,000. Wellington Management Group LLP boosted its position in Sun Communities by 1,224.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust's stock worth $578,668,000 after acquiring an additional 4,147,015 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Sun Communities by 37,933.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust's stock worth $182,663,000 after acquiring an additional 1,470,286 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $156,841,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on SUI shares. Jefferies Financial Group raised shares of Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Mizuho decreased their target price on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating for the company in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Royal Bank Of Canada lowered shares of Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Finally, Weiss Ratings cut shares of Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $139.42.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were 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 of the company's stock, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.58% of the company's stock.

Sun Communities Stock Up 0.2%

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

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Sun Communities's payout ratio is presently -63.19%.

About Sun Communities

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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