California State Teachers Retirement System Boosts Stake in Sun Communities, Inc. $SUI

Key Points

• California State Teachers Retirement System increased its Sun Communities stake by 13,665.2%, acquiring 25.26 million additional shares and reaching 20.89% ownership valued at approximately $3.05 billion.
• Institutional ownership remains exceptionally high at 99.59%, while analyst sentiment is broadly positive: Sun Communities has a “Moderate Buy” consensus rating and an average price target of $139.42.
• Sun Communities declared a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.9% yield. Shares opened at $115.11, near the company’s 52-week low.

California State Teachers Retirement System raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 13,665.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,446,581 shares of the real estate investment trust's stock after acquiring an additional 25,261,719 shares during the quarter. California State Teachers Retirement System owned approximately 20.89% of Sun Communities worth $3,051,300,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Sun Communities during the 2nd quarter worth $1,649,715,000. Norges Bank bought a new stake in Sun Communities during the fourth quarter valued at about $753,364,000. State Street Corp grew its stake in Sun Communities by 4.2% in the third 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 during the last quarter. Wellington Management Group LLP grew its stake in 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 valued at $624,490,000 after purchasing an additional 554,075 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in 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 valued at $288,937,000 after purchasing an additional 9,539 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SUI has been the subject of several analyst reports. Truist Financial decreased their price target on shares of Sun Communities from $141.00 to $138.00 and set a "buy" rating for the company in a research report on Friday, June 26th. Barclays raised their price target on shares of Sun Communities from $146.00 to $147.00 and gave the company an "overweight" rating in a report on Monday, August 17th. Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Morgan Stanley reduced their price objective on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 12th. Finally, Colliers Securities raised shares of Sun Communities from a "neutral" rating to a "buy" rating and set a $150.00 target price for the company in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Sun Communities presently has an average rating of "Moderate Buy" and a consensus target price of $139.42.

Sun Communities Stock Down 0.8%

Shares of SUI stock opened at $115.11 on Friday. The stock's fifty day moving average price is $121.13 and its 200 day moving average price is $125.10. Sun Communities, Inc. has a 1-year low of $114.61 and a 1-year high of $137.85. The company has a market cap of $14.02 billion, a price-to-earnings ratio of -16.24, a price-to-earnings-growth ratio of 5.29 and a beta of 0.77. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $1.12 per share. The ex-dividend date is Wednesday, September 30th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. Sun Communities's payout ratio is presently -63.19%.

Insider Buying and Selling at Sun Communities

In other news, Director Gary Shiffman sold 25,031 shares of the company'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 transaction, the director owned 857,761 shares in the company, valued at $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. Insiders own 1.58% of the company's stock.

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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