Wealthfront Advisers LLC Takes $556,000 Position in Sun Communities, Inc. $SUI

Wealthfront Advisers LLC bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,633 shares of the real estate investment trust’s stock, valued at approximately $556,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Sun Communities in the 2nd quarter valued at approximately $1,649,715,000. Norges Bank acquired a new position in Sun Communities during the fourth quarter worth $753,364,000. State Street Corp lifted its stake in Sun Communities by 4.2% during the third quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock worth $699,862,000 after purchasing an additional 214,634 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Sun Communities by 12.4% during the fourth quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock worth $624,490,000 after buying an additional 554,075 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Sun Communities by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock worth $288,937,000 after buying an additional 9,539 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SUI. Royal Bank Of Canada downgraded Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Weiss Ratings cut shares of Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, August 12th. Jefferies Financial Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Barclays lifted their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a report on Monday. Finally, Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $139.38.

Insider Buying and Selling at Sun Communities

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total value of $2,955,212.50. Following the sale, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. The trade was a 70.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary A. Shiffman sold 25,031 shares of the business’s stock in a transaction on 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 sale, the director owned 857,761 shares in the company, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is currently owned by company insiders.

Sun Communities Price Performance

Shares of SUI opened at $121.55 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. Sun Communities, Inc. has a 1-year low of $115.90 and a 1-year high of $137.85. The stock has a market cap of $14.80 billion, a PE ratio of -17.14, a price-to-earnings-growth ratio of 5.58 and a beta of 0.78. The firm has a fifty day moving average price of $121.08 and a 200 day moving average price of $125.85.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s dividend payout ratio is -63.19%.

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.