Legal & General Group Plc Takes $122.74 Million Position in Sun Communities, Inc. $SUI

Legal & General Group Plc purchased a new position in Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,023,572 shares of the real estate investment trust’s stock, valued at approximately $122,737,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $1,649,715,000. Ilmarinen Mutual Pension Insurance Co acquired a new stake in Sun Communities in the fourth quarter valued at approximately $1,549,000. Te Ahumairangi Investment Management Ltd purchased a new position in Sun Communities in the second quarter worth $2,877,000. Adelante Capital Management LLC purchased a new position in Sun Communities in the first quarter worth $4,150,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in 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 purchasing an additional 15,630 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Down 1.5%

NYSE SUI opened at $123.36 on Friday. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85. The company has a fifty day simple moving average of $121.26 and a two-hundred day simple moving average of $125.80. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock has a market cap of $15.03 billion, a P/E ratio of -17.40, a P/E/G ratio of 5.71 and a beta of 0.78.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. Sun Communities’s dividend payout ratio (DPR) is -63.19%.

Wall Street Analyst Weigh In

Several analysts have recently commented on SUI shares. Barclays increased their price objective on Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Bank of America raised Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 target price on the stock in a research report on Thursday. Odeon Capital Group set a $135.00 price target on Sun Communities in a research note on Thursday, July 9th. Mizuho decreased their price target on Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada downgraded Sun Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $139.42.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated 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 completion of the sale, the director owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.58% of the stock is owned by company 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.