Paralel Advisors LLC Takes $1.93 Million Position in Sun Communities, Inc. $SUI

Paralel Advisors LLC purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 16,094 shares of the real estate investment trust’s stock, valued at approximately $1,930,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. AQR Capital Management LLC lifted its holdings in Sun Communities by 17.8% in the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust’s stock valued at $1,554,000 after buying an additional 1,827 shares during the period. Goldman Sachs Group Inc. grew its holdings in Sun Communities by 21.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust’s stock worth $25,128,000 after acquiring an additional 33,981 shares during the period. Empowered Funds LLC grew its holdings in Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust’s stock worth $434,000 after acquiring an additional 829 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Sun Communities during the 1st quarter valued at $362,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Sun Communities by 26.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust’s stock valued at $85,000 after acquiring an additional 141 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SUI. Truist Financial reduced their price target 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. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company cut their target price on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Evercore restated an “outperform” rating and set a $144.00 target price on shares of Sun Communities in a report on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sun Communities currently has an average rating of “Moderate Buy” and a consensus price target of $139.38.

Sun Communities Stock Down 0.1%

Shares of NYSE:SUI opened at $121.97 on Friday. The company has a 50 day moving average price of $121.18 and a two-hundred day moving average price of $125.88. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The company has a market capitalization of $14.86 billion, a PE ratio of -17.20, a PEG ratio of 5.57 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.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $1.12 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Sun Communities’s payout ratio is -63.19%.

Insiders Place Their Bets

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated 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 transaction, the director directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value of $2,955,212.50. Following the transaction, the executive vice president owned 9,998 shares in the company, valued at approximately $1,244,051.14. This represents a 70.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is owned by corporate insiders.

Sun Communities 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.