Freestone Grove Partners LP Buys Shares of 26,155 Sun Communities, Inc. $SUI

Freestone Grove Partners LP purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, HoldingsChannel reports. The firm purchased 26,155 shares of the real estate investment trust’s stock, valued at approximately $3,136,000.

Several other large investors have also added to or reduced their stakes in SUI. BlackRock Inc. acquired a new position in Sun Communities in the second quarter valued at approximately $1,649,715,000. Norges Bank bought a new position in shares of Sun Communities during the 4th quarter worth approximately $753,364,000. Wellington Management Group LLP boosted its holdings in shares of Sun Communities by 1,224.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock worth $578,668,000 after buying an additional 4,147,015 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Sun Communities by 37,933.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust’s stock worth $182,663,000 after buying an additional 1,470,286 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Sun Communities during the 2nd quarter worth approximately $156,841,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Transactions at Sun Communities

In related news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities 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 owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on SUI shares. Barclays boosted their target price on shares of Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a report on Thursday, July 9th. 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 note on Monday, August 10th. Weiss Ratings lowered shares of Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Finally, Wall Street Zen cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Sun Communities presently has a consensus rating of “Moderate Buy” and an average price target of $139.42.

Sun Communities Trading Down 0.0%

Shares of Sun Communities stock opened at $123.17 on Friday. The stock has a market capitalization of $15.00 billion, a PE ratio of -17.37, a price-to-earnings-growth ratio of 5.62 and a beta of 0.78. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The stock has a 50 day moving average price of $121.35 and a two-hundred day moving average price of $125.78. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52.

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 issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s dividend payout ratio (DPR) is currently -63.19%.

Sun Communities Company Profile

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.