Nykredit A S Makes New Investment in Sun Communities, Inc. $SUI

Key Points

• Nykredit A/S purchased 37,733 shares of Sun Communities during the second quarter, worth approximately $4.5 million. Institutional investors collectively own 99.59% of the REIT’s outstanding stock.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $139.30, although several firms recently lowered their targets and Weiss Ratings downgraded the stock to “sell.”
• Sun Communities opened at $113.69 and announced a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.9% yield.

Nykredit A S purchased a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 37,733 shares of the real estate investment trust's stock, valued at approximately $4,525,000.

Other large investors have also recently bought and sold shares of the company. HighTower Advisors LLC grew its holdings in shares of Sun Communities by 127.0% during the second quarter. HighTower Advisors LLC now owns 5,651 shares of the real estate investment trust's stock valued at $678,000 after purchasing an additional 3,162 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Sun Communities in the 2nd quarter worth approximately $616,000. Readystate Asset Management LP bought a new stake in shares of Sun Communities in the 2nd quarter worth approximately $1,604,000. Saudi Central Bank boosted its position in Sun Communities by 89.0% during the 2nd quarter. Saudi Central Bank now owns 8,626 shares of the real estate investment trust's stock valued at $1,034,000 after purchasing an additional 4,061 shares during the period. Finally, Highland Investment Advisors LLC acquired a new position in Sun Communities during the 2nd quarter valued at approximately $223,000. Institutional investors own 99.59% of the company's stock.

Insiders Place Their Bets

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.58% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SUI has been the subject of several recent research reports. Weiss Ratings cut shares of Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Wells Fargo & Company reduced their target price on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a research note on Monday, August 10th. UBS Group set a $136.00 target price on shares of Sun Communities in a research report on Monday. Morgan Stanley dropped their price target on shares of 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, Barclays raised their target price on Sun Communities from $146.00 to $147.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $139.30.

Sun Communities Stock Down 0.1%

SUI stock opened at $113.69 on Tuesday. Sun Communities, Inc. has a 52 week low of $113.18 and a 52 week high of $137.85. The company has a market capitalization of $13.85 billion, a price-to-earnings ratio of -16.04, a price-to-earnings-growth ratio of 5.19 and a beta of 0.77. The firm's 50-day moving average is $120.36 and its two-hundred day moving average is $124.16. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $4.48 annualized dividend and a yield of 3.9%. Sun Communities's payout ratio is presently -63.19%.

About Sun Communities

Sun Communities, Inc NYSE: SUI is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.

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