Wealthfront Advisers LLC Invests $556,000 in Sun Communities, Inc. $SUI

Wealthfront Advisers LLC acquired a new position in Sun Communities, Inc. (NYSE:SUI) during the 2nd quarter, Holdings Channel reports. The fund acquired 4,633 shares of the real estate investment trust’s stock, valued at approximately $556,000.

Several other institutional investors and hedge funds have also made changes to their positions in SUI. Legal & General Group Plc raised its position in Sun Communities by 6.4% during the fourth quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust’s stock worth $133,895,000 after acquiring an additional 65,053 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $1,549,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Sun Communities by 39.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 55,683 shares of the real estate investment trust’s stock valued at $7,014,000 after purchasing an additional 15,630 shares during the last quarter. DNB Asset Management AS increased its stake 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. Finally, Hsbc Holdings PLC increased its stake in shares of Sun Communities by 9.5% during the 4th quarter. Hsbc Holdings PLC now owns 596,643 shares of the real estate investment trust’s stock worth $74,043,000 after purchasing an additional 51,941 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Down 0.6%

Shares of SUI opened at $121.55 on Friday. The stock has a fifty day moving average of $121.08 and a two-hundred day moving average of $125.85. 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 $14.80 billion, a PE ratio of -17.14, a price-to-earnings-growth ratio of 5.58 and a beta of 0.78. Sun Communities, Inc. has a fifty-two week low of $115.90 and a fifty-two week high of $137.85.

Sun Communities Announces Dividend

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

Insiders Place Their Bets

In other news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction on 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the completion of the sale, the executive vice president owned 9,998 shares of the company’s stock, valued at approximately $1,244,051.14. This represents a 70.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a research note on Thursday, May 14th. Evercore reissued an “outperform” rating and set a $144.00 price target on shares of Sun Communities in a research report on Wednesday, April 29th. Odeon Capital Group set a $135.00 price target on Sun Communities in a report on Thursday, July 9th. Wells Fargo & Company reduced their price objective on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Finally, Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from 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.