Public Employees Retirement System of Ohio Makes New $21.28 Million Investment in Sun Communities, Inc. $SUI

Key Points

• Public Employees Retirement System of Ohio acquired 177,469 Sun Communities shares worth approximately $21.28 million, representing a 0.15% stake. Institutional investors collectively own 99.59% of the REIT.
• Analyst sentiment remains moderately bullish, with an average rating of “Moderate Buy” and a consensus price target of $139.42, though several firms recently reduced ratings or price targets.
• Sun Communities opened at $123.17 and recently paid a quarterly dividend of $1.12, equivalent to a $4.48 annualized payout and a 3.6% yield.

Public Employees Retirement System of Ohio purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 177,469 shares of the real estate investment trust's stock, valued at approximately $21,280,000. Public Employees Retirement System of Ohio owned 0.15% of Sun Communities as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in Sun Communities by 17.8% during the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust's stock worth $1,554,000 after acquiring an additional 1,827 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Sun Communities by 21.1% during the first quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust's stock worth $25,128,000 after purchasing an additional 33,981 shares during the period. Empowered Funds LLC lifted its holdings in shares of Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock valued at $434,000 after purchasing an additional 829 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Sun Communities in the 1st quarter valued at approximately $362,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Sun Communities by 26.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust's stock worth $85,000 after purchasing an additional 141 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Insider Activity

In related news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated 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 owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.58% of the company's stock.

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of research reports. Royal Bank Of Canada lowered shares of Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a report on Thursday, May 14th. Morgan Stanley reduced their target price on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 12th. Bank of America upgraded Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price for the company in a report on Thursday. Finally, Weiss Ratings lowered Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $139.42.

Sun Communities Stock Down 0.0%

Sun Communities stock opened at $123.17 on Friday. The company has a market cap of $15.00 billion, a P/E ratio of -17.37, a price-to-earnings-growth ratio of 5.61 and a beta of 0.78. Sun Communities, Inc. has a 1-year low of $115.90 and a 1-year high of $137.85. The company has a fifty day simple moving average of $121.35 and a 200 day simple moving average of $125.78. 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $1.12 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. Sun Communities's dividend payout ratio (DPR) is presently -63.19%.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source