The Manufacturers Life Insurance Company Has $4.95 Million Stake in Sun Communities, Inc. $SUI

The Manufacturers Life Insurance Company raised its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 23.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,279 shares of the real estate investment trust’s stock after purchasing an additional 7,411 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sun Communities were worth $4,948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Sun Communities by 1,226.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 199 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 184 shares during the period. Fulcrum Asset Management LLP acquired a new position in shares of Sun Communities in the third quarter worth approximately $27,000. Wiser Advisor Group LLC acquired a new position in shares of Sun Communities in the third quarter worth approximately $46,000. Oslo Pensjonsforsikring AS bought a new stake in Sun Communities in the first quarter valued at approximately $49,000. Finally, Prosperity Bancshares Inc bought a new stake in Sun Communities in the fourth quarter valued at approximately $48,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Down 0.5%

Shares of NYSE SUI opened at $120.30 on Friday. 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 firm has a market cap of $14.65 billion, a PE ratio of -16.97, a P/E/G ratio of 3.94 and a beta of 0.78. The company’s fifty day simple moving average is $121.70 and its 200 day simple moving average is $126.28. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85.

Sun Communities Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wells Fargo & Company lowered their price target on shares of Sun Communities from $150.00 to $142.00 and set an “overweight” rating for the company in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research note on Thursday, May 14th. Mizuho lowered their target price on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Evercore restated an “outperform” rating and issued a $144.00 target price on shares of Sun Communities in a report on Wednesday, April 29th. Finally, Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $139.98.

Insider Buying and Selling

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

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.