Readystate Asset Management LP Invests $1.60 Million in Sun Communities, Inc. $SUI

Key Points

• Readystate Asset Management acquired 13,379 shares of Sun Communities worth approximately $1.60 million during the second quarter.
• Institutional ownership remains very high at 99.59%, with several funds increasing or initiating positions, including Alyeska Investment Group’s roughly $66.8 million stake.
• Analyst sentiment is mixed but leans positive: Sun Communities has a “Moderate Buy” consensus rating and a $139.42 average price target, while the stock recently traded near $119.46.

Readystate Asset Management LP purchased a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,379 shares of the real estate investment trust's stock, valued at approximately $1,604,000.

Other hedge funds have also recently made changes to their positions in the company. Saudi Central Bank grew its stake in shares of 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 worth $1,034,000 after acquiring an additional 4,061 shares during the period. Highland Investment Advisors LLC purchased a new stake in Sun Communities during the second quarter valued at about $223,000. NEOS Investment Management LLC boosted its position in Sun Communities by 13.2% during the second quarter. NEOS Investment Management LLC now owns 24,908 shares of the real estate investment trust's stock worth $2,987,000 after purchasing an additional 2,896 shares during the period. Nykredit A S bought a new position in Sun Communities during the second quarter worth about $4,525,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Sun Communities in the second quarter worth about $66,821,000. 99.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on SUI shares. Truist Financial lowered their price target on shares of Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Jefferies Financial Group upgraded shares of Sun Communities to a "strong-buy" rating in a research note on Wednesday, July 22nd. Mizuho dropped their target price on Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 30th. Royal Bank Of Canada lowered Sun Communities from a "moderate buy" rating to a "hold" rating in a report on Monday, August 10th. Finally, Weiss Ratings cut Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Sun Communities currently has an average rating of "Moderate Buy" and a consensus target price of $139.42.

Insider Transactions at Sun Communities

In other Sun Communities 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 directly owned 857,761 shares of the company's stock, valued at $102,897,009.56. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.58% of the stock is owned by corporate insiders.

Sun Communities Price Performance

SUI stock opened at $119.46 on Tuesday. The firm has a 50 day moving average of $121.44 and a 200-day moving average of $125.39. 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, Inc. has a 12 month low of $115.90 and a 12 month high of $137.85. The firm has a market capitalization of $14.55 billion, a P/E ratio of -16.85, a price-to-earnings-growth ratio of 5.45 and a beta of 0.77.

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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