Sanctuary Advisors LLC Invests $1.31 Million in Sun Communities, Inc. $SUI

Key Points

• Sanctuary Advisors acquired a new $1.31 million stake in Sun Communities during the second quarter, purchasing 10,902 shares. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities pays a quarterly dividend of $1.12 per share, equivalent to an annualized $4.48 dividend and a 3.6% yield based on the reported stock price.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $139.42, above its reported opening price of $123.36.

Sanctuary Advisors LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,902 shares of the real estate investment trust's stock, valued at approximately $1,307,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SUI. 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 valued at $1,554,000 after purchasing an additional 1,827 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Sun Communities by 21.1% in 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 in the last quarter. Empowered Funds LLC increased its stake in shares of Sun Communities by 32.5% in the first quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock worth $434,000 after purchasing an additional 829 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Sun Communities during the 1st quarter valued at $362,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of 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 valued at $85,000 after purchasing an additional 141 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sun Communities

In other news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction that occurred on 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 directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.58% of the company's stock.

Sun Communities Price Performance

Sun Communities stock opened at $123.36 on Friday. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average price of $121.26 and a 200-day moving average price of $125.80. The firm has a market capitalization of $15.03 billion, a PE ratio of -17.40, a price-to-earnings-growth ratio of 5.71 and a beta of 0.78.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. Sun Communities's dividend payout ratio is currently -63.19%.

Analysts Set New Price Targets

SUI has been the subject of several recent analyst reports. Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Sun Communities in a report on Thursday, May 14th. Truist Financial lowered their price objective on Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Colliers Securities raised Sun Communities from a "neutral" rating to a "buy" rating and set a $150.00 price objective for the company in a research note on Friday, May 22nd. Finally, Jefferies Financial Group upgraded shares of Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $139.42.

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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