The Manufacturers Life Insurance Company Has $4.95 Million Stake in Sun Communities, Inc. $SUI

The Manufacturers Life Insurance Company lifted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 23.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,279 shares of the real estate investment trust’s stock after purchasing an additional 7,411 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sun Communities were worth $4,948,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. grew its stake in shares of Sun Communities by 8.8% in the fourth quarter. Whittier Trust Co. now owns 264,511 shares of the real estate investment trust’s stock valued at $32,495,000 after acquiring an additional 21,364 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Sun Communities by 9.2% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 110,415 shares of the real estate investment trust’s stock worth $13,564,000 after purchasing an additional 9,268 shares in the last quarter. Legal & General Group Plc boosted its holdings in 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 valued at $133,895,000 after purchasing an additional 65,053 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new stake in Sun Communities in the 4th quarter valued at about $1,549,000. Finally, DNB Asset Management AS grew its position in shares of Sun Communities by 218.0% during the 4th quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust’s stock worth $9,545,000 after purchasing an additional 52,812 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Down 0.5%

Shares of SUI opened at $120.30 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. Sun Communities, Inc. has a 52 week low of $115.90 and a 52 week high of $137.85. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of -16.97, a PEG ratio of 3.94 and a beta of 0.78. The stock has a fifty day moving average of $121.70 and a 200-day moving average of $126.28.

Sun Communities Announces Dividend

The company also recently announced 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 was Tuesday, June 30th. This represents a $4.48 annualized dividend and a yield of 3.7%. Sun Communities’s dividend payout ratio (DPR) is currently -63.19%.

Insider Activity

In other news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gary A. Shiffman sold 25,031 shares of the business’s stock in a transaction dated 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 sale, the director owned 857,761 shares in the company, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SUI has been the subject of several analyst reports. Truist Financial dropped their price objective on Sun Communities from $141.00 to $138.00 and set a “buy” rating for the company in a report on Friday, June 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Sun Communities in a report on Wednesday, July 29th. Barclays dropped their target price on shares of Sun Communities from $147.00 to $146.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Evercore reaffirmed an “outperform” rating and set a $144.00 price target on shares of Sun Communities in a report on Wednesday, April 29th. Finally, Jefferies Financial Group upgraded shares of Sun Communities to a “strong-buy” rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.98.

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.