Korea Investment CORP Purchases New Position in Sun Communities, Inc. $SUI

Korea Investment CORP acquired a new position in Sun Communities, Inc. (NYSE:SUI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 71,210 shares of the real estate investment trust’s stock, valued at approximately $8,539,000. Korea Investment CORP owned about 0.06% of Sun Communities as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP bought a new stake in Sun Communities in the third quarter worth approximately $27,000. Wiser Advisor Group LLC bought a new position in shares of Sun Communities during the 3rd quarter valued at $46,000. Prosperity Bancshares Inc bought a new position in shares of Sun Communities during the 4th quarter valued at $48,000. Oslo Pensjonsforsikring AS acquired a new stake in shares of Sun Communities in the 1st quarter valued at $49,000. Finally, Allworth Financial LP lifted its stake in shares of Sun Communities by 141.6% in the 4th 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 last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Weiss Ratings cut shares of Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Wells Fargo & Company cut their target price on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Evercore reaffirmed an “outperform” rating and issued a $144.00 price target on shares of Sun Communities in a research report on Wednesday, April 29th. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Friday, May 22nd. Finally, Wall Street Zen downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $139.38.

Sun Communities Stock Performance

Shares of SUI opened at $123.30 on Tuesday. The company has a market capitalization of $15.02 billion, a PE ratio of -17.39, a price-to-earnings-growth ratio of 5.55 and a beta of 0.78. 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 company’s fifty day moving average price is $121.06 and its 200 day moving average price is $125.82.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given 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 yield of 3.6%. Sun Communities’s payout ratio is -63.19%.

Insider Buying and Selling

In other Sun Communities news, 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 sale, the director directly owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.58% of the stock is currently owned by 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.