Canada Pension Plan Investment Board Invests $156.84 Million in Sun Communities, Inc. $SUI

Key Points

• Canada Pension Plan Investment Board acquired 1.31 million Sun Communities shares worth approximately $156.8 million, giving it a 1.07% stake. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities paid a quarterly dividend of $1.12 per share, equivalent to an annualized $4.48 dividend and a 3.6% yield.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $139.38, compared with a recent price of $125.31.

Canada Pension Plan Investment Board purchased a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,307,991 shares of the real estate investment trust's stock, valued at approximately $156,841,000. Canada Pension Plan Investment Board owned 1.07% of Sun Communities at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in Sun Communities in the second quarter valued at approximately $122,737,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Sun Communities in the second quarter valued at about $3,805,000. Van Hulzen Asset Management LLC purchased a new position in Sun Communities in the 2nd quarter worth approximately $802,000. Cetera Trust Company N.A purchased a new position in Sun Communities during the second quarter worth approximately $213,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Sun Communities during the 2nd quarter worth $793,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $125.31 on Thursday. The firm has a market capitalization of $15.26 billion, a price-to-earnings ratio of -17.67, a price-to-earnings-growth ratio of 5.74 and a beta of 0.78. 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 business's 50 day simple moving average is $121.16 and its 200-day simple moving average is $125.82. Sun Communities, Inc. has a 12 month low of $115.90 and a 12 month high of $137.85.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities's dividend payout ratio is presently -63.19%.

Insider Buying and Selling

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the firm'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 in the company, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.58% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SUI shares. Truist Financial decreased their price target on Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research note on Friday, June 26th. Wells Fargo & Company decreased their price target on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Barclays boosted their price objective on Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Mizuho cut their price objective on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sun Communities has an average rating of "Moderate Buy" and an average price target of $139.38.

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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