Meeder Asset Management Inc. Makes New $1.36 Million Investment in Sun Communities, Inc. $SUI

Key Points

• Meeder Asset Management purchased 11,386 shares of Sun Communities worth approximately $1.36 million during the second quarter. Institutional investors collectively own 99.59% of the REIT’s outstanding stock.
• Sun Communities shares opened at $120.60, near the lower end of their 52-week range, while the company’s quarterly dividend implies an annualized payout of $4.48 and a 3.7% yield.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $139.38 price target, although recent insider transactions included substantial stock sales by an executive vice president and a director.

Meeder Asset Management Inc. bought a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,386 shares of the real estate investment trust's stock, valued at approximately $1,365,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Sun Communities during the second quarter worth approximately $1,649,715,000. Deutsche Bank AG bought a new position in Sun Communities in the second quarter valued at approximately $108,430,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Sun Communities during the 2nd quarter worth $596,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Sun Communities during the 2nd quarter worth $28,880,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Sun Communities during the 2nd quarter valued at $134,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Down 0.6%

Shares of NYSE:SUI opened at $120.60 on Wednesday. The company has a 50 day moving average price of $121.35 and a two-hundred day moving average price of $125.94. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The company has a market capitalization of $14.69 billion, a PE ratio of -17.01, a PEG ratio of 3.86 and a beta of 0.78. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85.

Sun Communities Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the sale, the executive vice president owned 9,998 shares of the company's stock, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gary A. Shiffman sold 25,031 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was 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 in the company, valued at $102,897,009.56. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. 1.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SUI shares. Mizuho cut their price target on Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 30th. 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 research note on Friday, June 26th. Evercore reiterated an "outperform" rating and issued a $144.00 price objective on shares of Sun Communities in a report on Wednesday, April 29th. Weiss Ratings lowered Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a report on Thursday, May 14th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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