Corient Private Wealth LP Makes New Investment in Sun Communities, Inc. $SUI

Corient Private Wealth LP bought a new stake in Sun Communities, Inc. (NYSE:SUI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 92,165 shares of the real estate investment trust’s stock, valued at approximately $11,052,000.

Several other institutional investors also recently made changes to their positions in the stock. Fulcrum Asset Management LLP purchased a new position in shares of Sun Communities in the 3rd quarter valued at about $27,000. Wiser Advisor Group LLC acquired a new stake in shares of Sun Communities in the third quarter valued at about $46,000. Prosperity Bancshares Inc purchased a new stake in Sun Communities during the fourth quarter worth about $48,000. Oslo Pensjonsforsikring AS purchased a new stake in Sun Communities during the first quarter worth about $49,000. Finally, Allworth Financial LP boosted its holdings in Sun Communities by 141.6% during the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 252 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $123.17 on Friday. The firm has a market capitalization of $15.00 billion, a PE ratio of -17.37, a P/E/G ratio of 5.61 and a beta of 0.78. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The firm’s 50-day simple moving average is $121.35 and its 200 day simple moving average is $125.78. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

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 dividend on an annualized basis and a yield of 3.6%. Sun Communities’s payout ratio is presently -63.19%.

Insider Activity

In other Sun Communities news, 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 sale, the director owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.58% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley dropped their target price on shares of Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a report on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Sun Communities in a research note on Thursday, May 14th. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Barclays raised their price objective on Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Finally, Bank of America raised Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 price objective for the company in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.42.

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.