Readystate Asset Management LP Buys New Position in Sun Communities, Inc. $SUI

Readystate Asset Management LP bought a new stake in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 13,379 shares of the real estate investment trust’s stock, valued at approximately $1,604,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Sun Communities during the 2nd quarter valued at about $1,649,715,000. Legal & General Group Plc boosted its stake in Sun Communities by 6.4% in 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. The Manufacturers Life Insurance Company purchased a new stake in Sun Communities in the second quarter worth approximately $3,805,000. Ilmarinen Mutual Pension Insurance Co bought a new position in Sun Communities during the fourth quarter valued at approximately $1,549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Sun Communities during the second quarter worth approximately $28,880,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered 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. Deutsche Bank Aktiengesellschaft set a $133.00 target price on shares of Sun Communities in a research report on Thursday, May 14th. Wall Street Zen downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Bank of America upgraded shares of Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 price target for the company in a research report on Thursday, August 27th. Finally, Royal Bank Of Canada cut Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sun Communities has a consensus rating of “Moderate Buy” and an average price target of $139.42.

Insider Buying and Selling at Sun Communities

In related news, Director Gary Shiffman sold 25,031 shares of the firm’s 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 sale, the director directly owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.58% of the company’s stock.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $119.46 on Tuesday. The firm has a market cap of $14.55 billion, a PE ratio of -16.85, a price-to-earnings-growth ratio of 5.45 and a beta of 0.77. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The company’s fifty day simple moving average is $121.44 and its two-hundred day simple moving average is $125.39.

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.