OVERSEA CHINESE BANKING Corp Ltd Purchases New Shares in Sun Communities, Inc. $SUI

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,020 shares of the real estate investment trust’s stock, valued at approximately $722,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Fulcrum Asset Management LLP bought a new position in shares of Sun Communities in the third quarter valued at about $27,000. Wiser Advisor Group LLC acquired a new position in Sun Communities during the 3rd quarter worth about $46,000. Oslo Pensjonsforsikring AS bought a new stake in Sun Communities during the 1st quarter worth about $49,000. Prosperity Bancshares Inc bought a new stake in Sun Communities during the 4th quarter worth about $48,000. Finally, Allworth Financial LP increased its position in Sun Communities by 141.6% in the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 252 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Down 0.6%

Shares of NYSE SUI opened at $121.55 on Friday. Sun Communities, Inc. has a fifty-two week low of $115.90 and a fifty-two week high of $137.85. The firm has a market capitalization of $14.80 billion, a P/E ratio of -17.14, a P/E/G ratio of 5.58 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The company’s 50 day simple moving average is $121.08 and its 200 day simple moving average is $125.85.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given 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 presently -63.19%.

Insiders Place Their Bets

In other news, Director Gary A. Shiffman sold 25,031 shares of the firm’s 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 transaction, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction 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 of the company’s stock, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.58% of the company’s stock.

Analyst Upgrades and Downgrades

SUI has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of 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 report on Wednesday, July 22nd. Royal Bank Of Canada cut shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Truist Financial reduced their price objective on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Finally, Wall Street Zen downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sun Communities has a consensus rating of “Moderate Buy” and an average price target of $139.38.

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.