California State Teachers Retirement System Acquires 27,352 Shares of Sun Communities, Inc. $SUI

California State Teachers Retirement System lifted its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 14.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,214 shares of the real estate investment trust's stock after buying an additional 27,352 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Sun Communities worth $25,446,581 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Sun Communities in the 2nd quarter valued at approximately $1,649,715,000. Legal & General Group Plc grew its position in shares of Sun Communities by 6.4% in the 4th quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust's stock worth $133,895,000 after buying an additional 65,053 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Sun Communities in the second quarter worth $3,805,000. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Sun Communities during the fourth quarter worth $1,549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Sun Communities in the 2nd quarter valued at $28,880,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Down 0.6%

Shares of NYSE SUI traded down $0.70 during trading hours on Tuesday, hitting $117.34. 390,415 shares of the stock were exchanged, compared to its average volume of 1,157,906. Sun Communities, Inc. has a 12 month low of $113.80 and a 12 month high of $137.85. 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 company has a market cap of $14.29 billion, a PE ratio of -16.54, a PEG ratio of 5.22 and a beta of 0.77. The firm has a fifty day moving average price of $120.86 and a 200-day moving average price of $124.89.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Wednesday, September 30th. Sun Communities's dividend payout ratio is presently -63.19%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the business's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SUI shares. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Morgan Stanley decreased their target price on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 12th. Evercore set a $138.00 target price on Sun Communities in a research report on Monday. Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Finally, Odeon Capital Group set a $135.00 target price on Sun Communities in a research report on Thursday, July 9th. Two research 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $138.92.

Sun Communities Company 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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