Engineers Gate Manager LP Acquires 223,111 Shares of Sun Communities, Inc. $SUI

Key Points

• Engineers Gate Manager LP increased its Sun Communities stake by 5,319.8% in the second quarter, acquiring 223,111 shares and ending with 227,305 shares worth approximately $27.3 million.
• Institutional investors own 99.59% of Sun Communities; BlackRock also established a major position valued at roughly $1.65 billion, while several other institutions increased or initiated holdings.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $139.42. Sun Communities declared a quarterly dividend of $1.12 per share, equivalent to an annualized yield of about 3.9%.

Engineers Gate Manager LP grew its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 5,319.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 227,305 shares of the real estate investment trust's stock after purchasing an additional 223,111 shares during the period. Engineers Gate Manager LP owned approximately 0.19% of Sun Communities worth $27,256,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Sun Communities during the second quarter valued at approximately $1,649,715,000. Legal & General Group Plc lifted its stake in 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 purchasing an additional 65,053 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co purchased a new stake in Sun Communities in the 4th quarter worth approximately $1,549,000. The Manufacturers Life Insurance Company bought a new position in Sun Communities in the 2nd quarter valued at $3,805,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Sun Communities during the 2nd quarter valued at $28,880,000. 99.59% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the business'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 transaction, the director directly owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.58% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Barclays lifted their price objective on Sun Communities from $146.00 to $147.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Bank of America raised Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price target on the stock in a report on Thursday, August 27th. Royal Bank Of Canada lowered Sun Communities from a "moderate buy" rating to a "hold" rating in a report on Monday, August 10th. Wells Fargo & Company decreased their price objective on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 target price on shares of Sun Communities in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.42.

Sun Communities Stock Performance

Sun Communities stock opened at $116.16 on Thursday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The firm has a market cap of $14.15 billion, a P/E ratio of -16.38, a P/E/G ratio of 5.37 and a beta of 0.77. Sun Communities, Inc. has a 1-year low of $115.60 and a 1-year high of $137.85. The firm has a 50-day moving average of $121.30 and a 200-day moving average of $125.21.

Sun Communities Dividend Announcement

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

Sun Communities 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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