Nykredit A S Buys Shares of 37,733 Sun Communities, Inc. $SUI

Key Points

• Nykredit A/S acquired 37,733 shares of Sun Communities in the second quarter, valued at approximately $4.5 million. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities shares opened at $119.46, near the lower end of their 12-month range of $115.90 to $137.85. Director Gary Shiffman also sold 25,031 shares worth about $3.0 million.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $139.42, despite ratings ranging from “Strong Buy” to “Sell.”

Nykredit A S bought a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 37,733 shares of the real estate investment trust's stock, valued at approximately $4,525,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Sun Communities during the 2nd quarter valued at about $1,649,715,000. Legal & General Group Plc grew its position in shares of 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 valued at $133,895,000 after purchasing an additional 65,053 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new stake in Sun Communities during the 4th quarter worth approximately $1,549,000. The Manufacturers Life Insurance Company bought a new stake in Sun Communities during the 2nd quarter worth approximately $3,805,000. Finally, Deutsche Bank AG acquired a new stake in Sun Communities during the 2nd quarter worth approximately $108,430,000. 99.59% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Gary Shiffman sold 25,031 shares of the firm'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 completion of the transaction, the director owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.58% of the company's stock.

Sun Communities Price Performance

NYSE SUI opened at $119.46 on Monday. 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, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85. The company has a market capitalization of $14.55 billion, a PE ratio of -16.85, a price-to-earnings-growth ratio of 5.45 and a beta of 0.77. The firm's 50 day moving average is $121.47 and its 200-day moving average is $125.48.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SUI. Jefferies Financial Group raised shares of Sun Communities to a "strong-buy" rating in a research note on Wednesday, July 22nd. Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Barclays boosted 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, August 17th. Bank of America raised shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price for the company in a research note on Thursday, August 27th. Finally, Odeon Capital Group set a $135.00 target price on Sun Communities in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $139.42.

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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