Van ECK Associates Corp Has $10.83 Million Position in Sun Communities, Inc. $SUI

Van ECK Associates Corp raised its stake in Sun Communities, Inc. (NYSE:SUI) by 16.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 90,302 shares of the real estate investment trust’s stock after buying an additional 12,838 shares during the period. Van ECK Associates Corp owned about 0.07% of Sun Communities worth $10,828,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SUI. BlackRock Inc. acquired a new stake in Sun Communities during the 2nd quarter valued at approximately $1,649,715,000. Legal & General Group Plc lifted its position in shares of Sun Communities by 6.4% in the 4th 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 acquired a new position in shares of Sun Communities in the 4th quarter worth approximately $1,549,000. Deutsche Bank AG bought a new stake in shares of Sun Communities in the 2nd quarter valued at $108,430,000. Finally, Te Ahumairangi Investment Management Ltd bought a new stake in shares of Sun Communities in the 2nd quarter valued at $2,877,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SUI shares. Morgan Stanley decreased their price objective on shares of 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. Royal Bank Of Canada downgraded Sun Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 10th. Truist Financial lowered their price objective on Sun Communities from $141.00 to $138.00 and set a “buy” rating for the company in a research report on Friday, June 26th. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a research note on Friday, May 22nd. Finally, Bank of America upgraded Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 target price on the stock in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $139.42.

Sun Communities Price Performance

Shares of NYSE SUI opened at $121.62 on Tuesday. The firm’s 50-day moving average price is $121.42 and its 200-day moving average price is $125.73. Sun Communities, Inc. has a 1-year low of $115.90 and a 1-year high of $137.85. The firm has a market capitalization of $14.81 billion, a P/E ratio of -17.15, a P/E/G ratio of 5.61 and a beta of 0.78. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

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

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities 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 sale, the director owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.58% of the company’s stock.

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.