Commerzbank Aktiengesellschaft FI Makes New $596,000 Investment in Sun Communities, Inc. $SUI

Commerzbank Aktiengesellschaft FI purchased a new stake in Sun Communities, Inc. (NYSE:SUI) during the second quarter, HoldingsChannel.com reports. The fund purchased 4,970 shares of the real estate investment trust’s stock, valued at approximately $596,000.

Other large investors have also made changes to their positions in the company. Legal & General Group Plc lifted its stake in 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 purchasing an additional 65,053 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Sun Communities in the fourth quarter valued at about $1,549,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Sun Communities by 39.0% during the first 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 purchasing an additional 15,630 shares in the last quarter. DNB Asset Management AS lifted its holdings in Sun Communities by 218.0% during the 4th quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust’s stock worth $9,545,000 after buying an additional 52,812 shares in the last quarter. Finally, M&T Bank Corp lifted its stake in shares of Sun Communities by 20,348.9% during the fourth quarter. M&T Bank Corp now owns 498,339 shares of the real estate investment trust’s stock valued at $61,749,000 after acquiring an additional 495,902 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SUI. Wells Fargo & Company reduced their price target on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Jefferies Financial Group raised shares of Sun Communities to a “strong-buy” rating in a research report on Wednesday, July 22nd. Morgan Stanley decreased their price objective on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a report on Wednesday, August 12th. Truist Financial lowered their price target on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday, June 26th. Finally, Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $139.38.

Sun Communities Stock Performance

SUI opened at $120.60 on Wednesday. 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, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85. The firm has a market cap of $14.69 billion, a P/E ratio of -17.01, a price-to-earnings-growth ratio of 3.86 and a beta of 0.78. The business’s fifty day moving average is $121.35 and its 200-day moving average is $125.94.

Sun Communities Dividend Announcement

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

Insider Activity

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

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.