Redwood Investment Management LLC Makes New Investment in Sun Communities, Inc. $SUI

Key Points

• Redwood Investment Management purchased 18,199 shares of Sun Communities during the second quarter, valued at approximately $2.18 million. Institutional investors collectively own 99.59% of the REIT’s outstanding stock.
• Sun Communities paid a quarterly dividend of $1.12 per share, equivalent to an annualized dividend of $4.48 and a 3.6% yield.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $139.38, although recent ratings included both upgrades and downgrades.

Redwood Investment Management LLC bought a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 18,199 shares of the real estate investment trust's stock, valued at approximately $2,182,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fulcrum Asset Management LLP bought a new position in shares of Sun Communities in the 3rd quarter valued at approximately $27,000. Wiser Advisor Group LLC bought a new stake in Sun Communities during the third quarter worth approximately $46,000. Prosperity Bancshares Inc acquired a new position in Sun Communities during the fourth quarter valued at approximately $48,000. Oslo Pensjonsforsikring AS acquired a new position in Sun Communities during the first quarter valued at approximately $49,000. Finally, Allworth Financial LP raised its position in shares of Sun Communities by 141.6% in the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 252 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Insider Buying and Selling at Sun Communities

In related news, Director Gary A. Shiffman sold 25,031 shares of the company's stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.58% of the company's stock.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $125.31 on Thursday. The firm has a market capitalization of $15.26 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 5.74 and a beta of 0.78. Sun Communities, Inc. has a one year low of $115.90 and a one year high of $137.85. The business has a fifty day simple moving average of $121.16 and a 200 day simple moving average of $125.82. 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Sun Communities's payout ratio is -63.19%.

Analyst Ratings Changes

Several analysts recently issued reports on SUI shares. Colliers Securities raised shares of Sun Communities from a "neutral" rating to a "buy" rating and set a $150.00 price objective for the company in a report on Friday, May 22nd. Weiss Ratings downgraded shares of Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Barclays boosted their target price on shares of Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Morgan Stanley lowered their price target on Sun Communities from $135.00 to $126.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 12th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 price objective on Sun Communities in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.

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