Greenland Capital Management LP Makes New Investment in Sun Communities, Inc. $SUI

Greenland Capital Management LP acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,000 shares of the real estate investment trust’s stock, valued at approximately $2,638,000.

A number of other large investors have also recently made changes to their positions in SUI. BlackRock Inc. purchased a new position in Sun Communities in the 2nd quarter worth $1,649,715,000. Norges Bank purchased a new stake in Sun Communities during the 4th quarter valued at about $753,364,000. State Street Corp grew its stake in Sun Communities by 4.2% during the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock valued at $699,862,000 after purchasing an additional 214,634 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Sun Communities by 12.4% in the fourth quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock valued at $624,490,000 after purchasing an additional 554,075 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Sun Communities by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock valued at $288,937,000 after purchasing an additional 9,539 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 transaction of $2,955,212.50. Following the sale, the executive vice president owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This trade represents a 70.37% decrease in their position. 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 Sun Communities stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the transaction, the director directly owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.58% of the company’s stock.

Sun Communities Stock Performance

Shares of SUI stock opened at $121.55 on Friday. Sun Communities, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85. 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 stock has a market cap of $14.80 billion, a PE ratio of -17.14, a price-to-earnings-growth ratio of 5.55 and a beta of 0.78. The business has a 50-day simple moving average of $121.08 and a 200-day simple moving average of $125.85.

Sun Communities Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Wall Street Zen downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Mizuho reduced their price target on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Barclays raised their price target on shares of Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Finally, Wells Fargo & Company decreased their price objective on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average 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.