Redwood Investment Management LLC Purchases Shares of 18,199 Sun Communities, Inc. $SUI

Redwood Investment Management LLC bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,199 shares of the real estate investment trust’s stock, valued at approximately $2,182,000.

Other hedge funds have also modified their holdings of the company. Legal & General Group Plc grew its position in shares of Sun Communities by 6.4% during the 4th quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust’s stock worth $133,895,000 after buying an additional 65,053 shares during the period. BlackRock Inc. acquired a new position in Sun Communities in the second quarter valued at approximately $1,649,715,000. Ilmarinen Mutual Pension Insurance Co bought a new position in Sun Communities in the fourth quarter valued at approximately $1,549,000. Te Ahumairangi Investment Management Ltd bought a new position in Sun Communities in the second quarter valued at approximately $2,877,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Sun Communities by 39.0% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 55,683 shares of the real estate investment trust’s stock worth $7,014,000 after acquiring an additional 15,630 shares during the period. 99.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on SUI shares. Wall Street Zen cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Wells Fargo & Company reduced their price target 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. Barclays lifted their price objective on Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Odeon Capital Group set a $135.00 price objective on Sun Communities in a report on Thursday, July 9th. Finally, Evercore reissued an “outperform” rating and issued a $144.00 target price on shares of Sun Communities in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $139.38.

Sun Communities Price Performance

Shares of SUI opened at $125.31 on Thursday. 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 stock has a 50 day simple moving average of $121.16 and a 200 day simple moving average of $125.82. Sun Communities, Inc. has a 52-week low of $115.90 and a 52-week high of $137.85. The firm has a market capitalization of $15.26 billion, a PE ratio of -17.67, a P/E/G ratio of 5.74 and a beta of 0.78.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.6%. Sun Communities’s dividend payout ratio is currently -63.19%.

Insider Activity

In related news, Director Gary A. Shiffman sold 25,031 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the sale, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.