Paralel Advisors LLC Invests $1.93 Million in Sun Communities, Inc. $SUI

Key Points

• Paralel Advisors initiated a $1.93 million position in Sun Communities during the second quarter, purchasing 16,094 shares. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities’ stock opened at $121.97, near the lower end of its 52-week range, while the company’s quarterly dividend implies an annualized payout of $4.48 per share and a 3.7% yield.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $139.38 target price, although insider selling and one recent downgrade add caution.

Paralel Advisors LLC bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 16,094 shares of the real estate investment trust's stock, valued at approximately $1,930,000.

Several other institutional investors have also bought and sold shares of SUI. B. Metzler seel. Sohn & Co. AG bought a new stake in Sun Communities in the second quarter valued at $341,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Sun Communities during the second quarter worth $722,000. Tacita Capital Inc bought a new position in shares of Sun Communities during the second quarter valued at $1,743,000. NewEdge Wealth LLC bought a new position in shares of Sun Communities during the second quarter valued at $721,000. Finally, Danske Bank A S acquired a new stake in shares of Sun Communities in the 2nd quarter valued at $8,874,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Price Performance

Sun Communities stock opened at $121.97 on Friday. 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 firm has a market cap of $14.86 billion, a P/E ratio of -17.20, a P/E/G ratio of 5.57 and a beta of 0.78. The business's fifty day moving average is $121.18 and its two-hundred day moving average is $125.88. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85.

Sun Communities Announces Dividend

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

Insider Activity

In other Sun Communities news, EVP Fernando Castro-Caratini sold 23,750 shares of the stock in a transaction dated Tuesday, May 26th. The shares were 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 $1,244,051.14. This represents a 70.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary A. Shiffman sold 25,031 shares of the firm's stock in a transaction dated 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 completion of the sale, the director owned 857,761 shares of the company's stock, 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SUI shares. Evercore reaffirmed an "outperform" rating and issued a $144.00 target price on shares of Sun Communities in a report on Wednesday, April 29th. Weiss Ratings downgraded shares of Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Mizuho decreased their price objective on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 30th. Finally, Barclays upped their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sun Communities currently has an average rating of "Moderate Buy" and a consensus target price of $139.38.

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.

Want to see what other hedge funds are holding SUI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Communities, Inc. (NYSE:SUI - Free Report).

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