Royal Bank of Canada Decreases Holdings in Sun Communities, Inc. $SUI

Key Points

• Royal Bank of Canada reduced its Sun Communities stake by 12.9% in the first quarter, selling 23,559 shares and retaining 158,606 shares valued at approximately $20.0 million. Institutional investors collectively own 99.59% of the REIT.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $139.98. However, Wall Street Zen downgraded the stock to “sell,” while Jefferies upgraded it to “strong buy.”
• Sun Communities shares opened at $120.96, near the lower end of their 52-week range, while the company’s quarterly dividend of $1.12 represents an annualized payout of $4.48 and a 3.7% yield.

Royal Bank of Canada cut its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 12.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,606 shares of the real estate investment trust's stock after selling 23,559 shares during the quarter. Royal Bank of Canada owned about 0.13% of Sun Communities worth $19,979,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Sun Communities by 5.3% in the first quarter. Empowered Funds LLC now owns 3,456 shares of the real estate investment trust's stock worth $435,000 after buying an additional 175 shares during the period. The Manufacturers Life Insurance Company lifted its position in Sun Communities by 23.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 39,279 shares of the real estate investment trust's stock worth $4,948,000 after acquiring an additional 7,411 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Sun Communities by 21.3% in the 1st quarter. Quantinno Capital Management LP now owns 192,324 shares of the real estate investment trust's stock worth $24,225,000 after acquiring an additional 33,719 shares during the period. Weiss Asset Management LP purchased a new position in Sun Communities in the 1st quarter worth approximately $365,000. Finally, OMERS ADMINISTRATION Corp grew its position in Sun Communities by 30.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,880 shares of the real estate investment trust's stock valued at $741,000 after acquiring an additional 1,380 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Insider Buying and Selling

In related news, Director Gary A. 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 transaction of $3,002,718.76. Following the sale, the director directly owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the transaction, the executive vice president directly owned 9,998 shares of the company's stock, valued at approximately $1,244,051.14. This represents a 70.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on SUI shares. Wall Street Zen cut shares of Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a report on Thursday, May 14th. Barclays lowered their target price on Sun Communities from $147.00 to $146.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada increased their price target on Sun Communities from $147.00 to $148.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Finally, Jefferies Financial Group upgraded Sun Communities to a "strong-buy" rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $139.98.

Sun Communities Stock Down 0.6%

NYSE:SUI opened at $120.96 on Thursday. 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 company has a market capitalization of $14.73 billion, a price-to-earnings ratio of -17.06, a price-to-earnings-growth ratio of 3.97 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 stock has a 50-day simple moving average of $121.80 and a 200 day simple moving average of $126.35.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, June 30th. Sun Communities's payout ratio is -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.

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