Sun Communities, Inc. $SUI Stock Holdings Lifted by Bank of America Corp DE

Key Points

• Bank of America increased its Sun Communities stake by 9.4% in the first quarter, adding 48,649 shares to own 568,513 shares valued at approximately $71.6 million. Institutional investors collectively hold 99.59% of SUI’s outstanding stock.
• Sun Communities pays a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.7% yield. The stock recently opened at $120.49, near the lower end of its $115.90–$137.85 one-year range.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $139.98. However, company insiders recently sold shares, while corporate insiders own just 1.58% of the stock.

Bank of America Corp DE grew its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 9.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 568,513 shares of the real estate investment trust's stock after purchasing an additional 48,649 shares during the period. Bank of America Corp DE owned about 0.46% of Sun Communities worth $71,610,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fulcrum Asset Management LLP purchased a new position in shares of Sun Communities during the third quarter valued at $27,000. Wiser Advisor Group LLC acquired a new stake in Sun Communities during the 3rd quarter worth about $46,000. Prosperity Bancshares Inc acquired a new stake in Sun Communities during the 4th quarter worth about $48,000. Oslo Pensjonsforsikring AS purchased a new position in Sun Communities during the 1st quarter valued at about $49,000. Finally, V Square Quantitative Management LLC purchased a new position in Sun Communities during the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Up 0.0%

Shares of SUI stock opened at $120.49 on Monday. Sun Communities, Inc. has a one year low of $115.90 and a one year high of $137.85. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a fifty day moving average price of $121.64 and a 200 day moving average price of $126.21. The stock has a market cap of $14.68 billion, a P/E ratio of -16.99, a price-to-earnings-growth ratio of 3.93 and a beta of 0.78.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities's dividend payout ratio is currently -63.19%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SUI shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Sun Communities in a research report on Wednesday, July 29th. Barclays dropped their price target on shares of Sun Communities from $147.00 to $146.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Truist Financial cut their price objective on Sun Communities from $141.00 to $138.00 and set a "buy" rating for the company in a report on Friday, June 26th. Wells Fargo & Company reduced their price objective on Sun Communities from $150.00 to $142.00 and set an "overweight" rating for the company in a research report on Friday, May 29th. Finally, Evercore restated an "outperform" rating and issued a $144.00 target price on shares of Sun Communities in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.98.

Insider Activity

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm's 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 sale, the executive vice president directly owned 9,998 shares of the company's stock, valued at $1,244,051.14. This trade represents a 70.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gary A. Shiffman sold 25,031 shares of the 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 owned 857,761 shares in the company, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is currently owned by corporate insiders.

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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