Deutsche Bank AG Makes New Investment in Sun Communities, Inc. $SUI

Key Points

• Deutsche Bank acquired 904,260 Sun Communities shares worth approximately $108.4 million in the second quarter, giving it a 0.74% stake. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities insiders sold shares: EVP Fernando Castro-Caratini sold 23,750 shares, while Director Gary Shiffman sold 25,031 shares. Insiders retain a 1.58% ownership stake.
• The stock opened at $122.23 and pays a quarterly dividend of $1.12, equivalent to a 3.7% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $139.38.

Deutsche Bank AG bought a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 904,260 shares of the real estate investment trust's stock, valued at approximately $108,430,000. Deutsche Bank AG owned 0.74% of Sun Communities as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Fulcrum Asset Management LLP purchased a new stake in shares of Sun Communities during the third quarter worth $27,000. Wiser Advisor Group LLC purchased a new position in Sun Communities in the third quarter valued at about $46,000. Prosperity Bancshares Inc purchased a new position in Sun Communities in the fourth quarter valued at about $48,000. Oslo Pensjonsforsikring AS acquired a new position in Sun Communities in the 1st quarter worth about $49,000. Finally, Allworth Financial LP increased its position in Sun Communities by 141.6% in the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 252 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Sun Communities news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the sale, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. This trade represents a 70.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gary A. Shiffman sold 25,031 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was 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 approximately $102,897,009.56. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.58% of the company's stock.

Sun Communities Stock Up 1.7%

Shares of SUI stock opened at $122.23 on Thursday. Sun Communities, Inc. has a 12 month low of $115.90 and a 12 month high of $137.85. The firm has a market cap of $14.89 billion, a PE ratio of -17.24, a price-to-earnings-growth ratio of 5.48 and a beta of 0.78. The stock has a 50 day moving average of $121.26 and a 200-day moving average of $125.91. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a yield of 3.7%. Sun Communities's payout ratio is -63.19%.

Wall Street Analyst Weigh In

SUI has been the subject of several research reports. 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. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on Sun Communities in a report on Thursday, May 14th. Barclays raised their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the company an "overweight" rating in a research report on Monday. Truist Financial reduced their target price on shares of Sun Communities from $141.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, June 26th. Finally, Jefferies Financial Group raised shares of Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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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