California State Teachers Retirement System Boosts Stake in Sun Communities, Inc. $SUI

California State Teachers Retirement System lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 13,665.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,446,581 shares of the real estate investment trust’s stock after buying an additional 25,261,719 shares during the period. California State Teachers Retirement System owned approximately 0.21% of Sun Communities worth $3,051,300,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SUI. BlackRock Inc. acquired a new position in shares of Sun Communities in the 2nd quarter valued at $1,649,715,000. Norges Bank purchased a new position in Sun Communities in the 4th quarter worth $753,364,000. State Street Corp lifted its position in Sun Communities by 4.2% during the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock worth $699,862,000 after acquiring an additional 214,634 shares during the period. Wellington Management Group LLP lifted its position in Sun Communities by 12.4% during the 4th quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock worth $624,490,000 after acquiring an additional 554,075 shares during the period. Finally, Geode Capital Management LLC lifted its position in Sun Communities by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock worth $288,937,000 after acquiring an additional 9,539 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of SUI opened at $115.11 on Friday. The business’s 50-day moving average is $121.13 and its two-hundred day moving average is $125.10. The company has a market capitalization of $14.02 billion, a P/E ratio of -16.24, a P/E/G ratio of 5.29 and a beta of 0.77. 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 fifty-two week low of $114.61 and a fifty-two week high of $137.85.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Sun Communities’s dividend payout ratio (DPR) is -63.19%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Barclays increased their price objective on Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Weiss Ratings downgraded Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Royal Bank Of Canada lowered Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Mizuho dropped their target price on Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 30th. Finally, Wall Street Zen downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Sun Communities has an average rating of “Moderate Buy” and an average price target of $139.42.

Insider Buying and Selling

In related news, Director Gary Shiffman sold 25,031 shares of Sun Communities stock in a transaction that occurred 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 completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.58% of the stock is currently owned by company insiders.

Sun Communities Company Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.