Sun Communities, Inc. $SUI Shares Purchased by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC increased its Sun Communities stake by 33.2% in the second quarter, bringing its holdings to 92,172 shares worth approximately $11.1 million. Institutional investors and hedge funds collectively own 99.59% of the REIT.
• Analysts maintain a generally positive view of SUI, with a consensus rating of “Moderate Buy” and an average price target of $139.42, despite some recent target-price reductions.
• Sun Communities announced a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.9% yield. The stock recently opened at $116.16, near its 52-week low of $115.60.

Squarepoint Ops LLC raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 33.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,172 shares of the real estate investment trust's stock after acquiring an additional 22,985 shares during the quarter. Squarepoint Ops LLC owned approximately 0.08% of Sun Communities worth $11,052,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Fulcrum Asset Management LLP acquired a new position in shares of Sun Communities in the third quarter worth $27,000. Wiser Advisor Group LLC acquired a new stake in shares of Sun Communities in the third quarter valued at $46,000. Oslo Pensjonsforsikring AS acquired a new stake in shares of Sun Communities in the first quarter valued at $49,000. Prosperity Bancshares Inc purchased a new position in Sun Communities in the fourth quarter valued at $48,000. Finally, Allworth Financial LP boosted its holdings in 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. 99.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SUI shares. Barclays boosted their target price on Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a research note on Monday, August 17th. Morgan Stanley decreased their price objective on 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. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on Sun Communities in a research report on Thursday, May 14th. Mizuho cut their target price on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 30th. Finally, Bank of America raised shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price on the stock in a report on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $139.42.

Insider Activity at Sun Communities

In related news, Director Gary Shiffman sold 25,031 shares of Sun Communities stock in a transaction on Wednesday, June 24th. The shares were 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 in the company, valued at $102,897,009.56. This trade represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.58% of the stock is owned by company insiders.

Sun Communities Price Performance

SUI stock opened at $116.16 on Thursday. The business has a 50 day moving average price of $121.30 and a 200 day moving average price of $125.21. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of -16.38, a PEG ratio of 5.37 and a beta of 0.77. Sun Communities, Inc. has a fifty-two week low of $115.60 and a fifty-two week high of $137.85.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Sun Communities's dividend payout ratio (DPR) is -63.19%.

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.

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.