Tacita Capital Inc Takes $1.74 Million Position in Sun Communities, Inc. $SUI

Key Points

• Tacita Capital initiated a $1.74 million position in Sun Communities during the second quarter, purchasing 14,532 shares. The REIT now represents about 0.9% of the fund’s portfolio.
• Institutional investors own 99.59% of Sun Communities, while company insiders own 1.58%; recent insider activity included significant share sales by Director Gary Shiffman and EVP Fernando Castro-Caratini.
• Sun Communities pays a quarterly dividend of $1.12, equivalent to a 3.7% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $139.38, above the reported share price of $122.23.

Tacita Capital Inc bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,532 shares of the real estate investment trust's stock, valued at approximately $1,743,000. Sun Communities makes up approximately 0.9% of Tacita Capital Inc's investment portfolio, making the stock its 23rd largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc boosted its position in Sun Communities by 6.4% in the 4th quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust's stock valued at $133,895,000 after buying an additional 65,053 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co purchased a new stake in shares of Sun Communities during the fourth quarter worth about $1,549,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Sun Communities by 39.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 55,683 shares of the real estate investment trust's stock worth $7,014,000 after acquiring an additional 15,630 shares in the last quarter. DNB Asset Management AS lifted its stake in shares of Sun Communities by 218.0% in the fourth quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust's stock worth $9,545,000 after acquiring an additional 52,812 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in Sun Communities by 20,348.9% in the fourth quarter. M&T Bank Corp now owns 498,339 shares of the real estate investment trust's stock valued at $61,749,000 after purchasing an additional 495,902 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

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 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 value of $2,955,212.50. Following the transaction, the executive vice president owned 9,998 shares in the company, valued at $1,244,051.14. This trade represents a 70.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.58% of the stock is currently owned by insiders.

Sun Communities Stock Up 1.7%

Shares of Sun Communities stock opened at $122.23 on Thursday. The business has a 50-day moving average price of $121.26 and a 200 day moving average price of $125.91. Sun Communities, Inc. has a fifty-two week low of $115.90 and a fifty-two week high of $137.85. The firm has a market cap of $14.89 billion, a P/E ratio of -17.24, a P/E/G ratio of 5.48 and a beta of 0.78. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

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%.

Analysts Set New Price Targets

SUI has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Morgan Stanley cut their target price 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. Truist Financial reduced their target price on Sun Communities from $141.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, June 26th. Wells Fargo & Company decreased their price target on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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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