Renaissance Technologies LLC Invests $3.79 Million in Sun Communities, Inc. $SUI

Renaissance Technologies LLC bought a new position in Sun Communities, Inc. (NYSE:SUI) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 30,100 shares of the real estate investment trust’s stock, valued at approximately $3,791,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. grew its holdings in shares of Sun Communities by 8.8% during the 4th quarter. Whittier Trust Co. now owns 264,511 shares of the real estate investment trust’s stock worth $32,495,000 after purchasing an additional 21,364 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in Sun Communities by 9.2% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 110,415 shares of the real estate investment trust’s stock valued at $13,564,000 after buying an additional 9,268 shares in the last quarter. Legal & General Group Plc lifted its position in Sun Communities by 6.4% during the fourth 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 in the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new position in Sun Communities during the fourth quarter valued at approximately $1,549,000. Finally, DNB Asset Management AS grew its stake in Sun Communities by 218.0% during 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 buying an additional 52,812 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Activity

In related news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 857,761 shares of the company’s stock, 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 document filed with the SEC, which is accessible through this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value 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 $1,244,051.14. This represents a 70.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is owned by company insiders.

Sun Communities Price Performance

Shares of SUI stock opened at $120.49 on Friday. The firm has a fifty day simple moving average of $121.64 and a 200-day simple moving average of $126.24. The company has a market capitalization of $14.68 billion, a PE ratio of -16.99, a price-to-earnings-growth ratio of 3.93 and a beta of 0.78. Sun Communities, Inc. has a twelve month low of $115.90 and a twelve 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.

Sun Communities Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently weighed in on SUI shares. Evercore restated an “outperform” rating and set a $144.00 target price on shares of Sun Communities in a report on Wednesday, April 29th. Odeon Capital Group set a $135.00 price objective on Sun Communities in a research report on Thursday, July 9th. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada boosted their price objective on Sun Communities from $147.00 to $148.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company decreased their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Sun Communities has an average rating of “Moderate Buy” and a consensus price target of $139.98.

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.