The Manufacturers Life Insurance Company Makes New $3.81 Million Investment in Sun Communities, Inc. $SUI

The Manufacturers Life Insurance Company purchased a new stake in Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 31,735 shares of the real estate investment trust’s stock, valued at approximately $3,805,000.

A number of other institutional investors have also modified their holdings of SUI. Van Hulzen Asset Management LLC acquired a new stake in Sun Communities during the second quarter worth about $802,000. Cetera Trust Company N.A acquired a new position in Sun Communities in the second quarter valued at approximately $213,000. OMERS ADMINISTRATION Corp acquired a new position in Sun Communities in the second quarter valued at approximately $793,000. Sanctuary Advisors LLC bought a new position in shares of Sun Communities during the second quarter valued at approximately $1,307,000. Finally, Capital Square LLC bought a new position in shares of Sun Communities during the second quarter valued at approximately $923,000. Institutional investors own 99.59% of the company’s stock.

Analysts Set New Price Targets

SUI has been the topic of several recent research reports. Weiss Ratings downgraded Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Wells Fargo & Company lowered their price objective on Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Truist Financial dropped their target price on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research report on Friday, June 26th. Royal Bank Of Canada cut Sun Communities from a “moderate buy” rating to a “hold” rating in a research note on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sun Communities has an average rating of “Moderate Buy” and an average price target of $139.42.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $121.19 on Wednesday. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock has a 50 day simple moving average of $121.45 and a 200-day simple moving average of $125.69. The company has a market cap of $14.76 billion, a PE ratio of -17.09, a P/E/G ratio of 5.54 and a beta of 0.77. Sun Communities, Inc. has a 12-month low of $115.90 and a 12-month high of $137.85.

Insiders Place Their Bets

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction 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. The trade was a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.58% of the stock is owned by insiders.

Sun Communities Company 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.