Mitsubishi UFJ Asset Management Co. Ltd. Takes $28.88 Million Position in Sun Communities, Inc. $SUI

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Sun Communities, Inc. (NYSE:SUI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 240,847 shares of the real estate investment trust’s stock, valued at approximately $28,880,000.

A number of other large investors have also recently made changes to their positions in the company. Fulcrum Asset Management LLP bought a new position in Sun Communities during the 3rd quarter valued at about $27,000. Wiser Advisor Group LLC bought a new stake in Sun Communities in the third quarter worth about $46,000. Prosperity Bancshares Inc bought a new stake in Sun Communities in the fourth quarter worth about $48,000. Oslo Pensjonsforsikring AS purchased a new position in shares of Sun Communities during the first quarter valued at approximately $49,000. Finally, Allworth Financial LP boosted its position in shares of Sun Communities by 141.6% during the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 252 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 0.1%

Shares of NYSE SUI opened at $121.97 on Friday. 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 $14.86 billion, a price-to-earnings ratio of -17.20, a PEG ratio of 5.57 and a beta of 0.78. The stock has a 50 day moving average price of $121.18 and a 200 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.

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 issued a $1.12 dividend. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s dividend payout ratio is currently -63.19%.

Wall Street Analysts Forecast Growth

SUI has been the topic of several recent analyst reports. Morgan Stanley reduced their price target on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 12th. Mizuho dropped their price objective on Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Friday, May 22nd. Wells Fargo & Company reduced 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. Finally, Deutsche Bank Aktiengesellschaft set a $133.00 target price on Sun Communities in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $139.38.

Insider Buying and Selling at Sun Communities

In other news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president owned 9,998 shares in the company, 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 filing with the SEC, which is accessible through this link. Also, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated 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. The trade was a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.58% of the stock is currently 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.