Hsbc Holdings PLC Decreases Stock Holdings in Sun Communities, Inc. $SUI

Key Points

• HSBC reduced its Sun Communities stake by 4.6% during the second quarter, selling 27,879 shares and retaining 573,646 shares valued at approximately $68.7 million.
• Institutional investors own 99.59% of Sun Communities. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $139.42.
• Sun Communities shares opened at $119.46, near the lower end of their 52-week range of $115.90 to $137.85. Director Gary Shiffman also sold 25,031 shares for roughly $3.0 million.

Hsbc Holdings PLC lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,646 shares of the real estate investment trust's stock after selling 27,879 shares during the quarter. Hsbc Holdings PLC owned about 0.47% of Sun Communities worth $68,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SUI. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Sun Communities during the second quarter valued at about $85,000. RB Capital Management LLC purchased a new position in shares of Sun Communities in the 2nd quarter worth approximately $201,000. Empowered Funds LLC bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $510,000. United Capital Financial Advisors LLC bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $362,000. Finally, Brasada Capital Management LP purchased a new stake in Sun Communities during the second quarter valued at approximately $342,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SUI shares. Deutsche Bank Aktiengesellschaft set a $133.00 target price on shares of Sun Communities in a research note on Thursday, May 14th. Truist Financial decreased their price objective on Sun Communities from $141.00 to $138.00 and set a "buy" rating for the company in a report on Friday, June 26th. Jefferies Financial Group raised Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Morgan Stanley dropped their target price on Sun Communities from $135.00 to $126.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 12th. Finally, Bank of America raised Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price on the stock in a research report on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $139.42.

Insider Buying and Selling

In other news, Director Gary Shiffman sold 25,031 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the sale, the director directly owned 857,761 shares of the company's stock, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.58% of the company's stock.

Sun Communities Trading Up 0.0%

Sun Communities stock opened at $119.46 on Tuesday. The stock has a 50-day moving average price of $121.44 and a 200 day moving average price of $125.39. The company has a market capitalization of $14.55 billion, a price-to-earnings ratio of -16.85, a price-to-earnings-growth ratio of 5.45 and a beta of 0.77. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week 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.

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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