Hsbc Holdings PLC Takes $68.75 Million Position in Sun Communities, Inc. $SUI

Hsbc Holdings PLC purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 573,646 shares of the real estate investment trust’s stock, valued at approximately $68,747,000. Hsbc Holdings PLC owned approximately 0.47% of Sun Communities as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Legal & General Group Plc increased its holdings in shares of 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 worth $133,895,000 after buying an additional 65,053 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Sun Communities during the 2nd quarter valued at $1,649,715,000. Ilmarinen Mutual Pension Insurance Co bought a new stake in Sun Communities during the 4th quarter worth $1,549,000. Te Ahumairangi Investment Management Ltd bought a new stake in Sun Communities during the 2nd quarter worth $2,877,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Sun Communities by 39.0% during the 1st 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 during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sun Communities

In other 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 sale, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SUI shares. Morgan Stanley dropped their target price on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 12th. Colliers Securities upgraded Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Friday, May 22nd. Wall Street Zen downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Finally, Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $139.38.

Sun Communities Stock Performance

NYSE SUI opened at $125.31 on Thursday. The company has a market capitalization of $15.26 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 5.74 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, Inc. has a twelve month low of $115.90 and a twelve month high of $137.85. The stock has a fifty day simple moving average of $121.16 and a 200 day simple moving average of $125.82.

Sun Communities Dividend Announcement

The business also recently declared 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 dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s payout ratio is -63.19%.

Sun Communities 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.