Allianz Asset Management GmbH Cuts Position in Sun Communities, Inc. $SUI

Allianz Asset Management GmbH reduced its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 3.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 121,286 shares of the real estate investment trust’s stock after selling 4,561 shares during the quarter. Allianz Asset Management GmbH’s holdings in Sun Communities were worth $15,646,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SUI. Vanguard Group Inc. lifted its holdings in shares of Sun Communities by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 18,040,455 shares of the real estate investment trust’s stock valued at $2,281,937,000 after acquiring an additional 93,170 shares in the last quarter. Dodge & Cox raised its position in Sun Communities by 4.0% in the second quarter. Dodge & Cox now owns 14,198,760 shares of the real estate investment trust’s stock valued at $1,796,001,000 after purchasing an additional 550,940 shares during the period. Norges Bank acquired a new position in shares of Sun Communities during the second quarter worth about $925,926,000. State Street Corp boosted its position in shares of Sun Communities by 1.3% in the second quarter. State Street Corp now owns 5,169,350 shares of the real estate investment trust’s stock worth $659,148,000 after buying an additional 67,954 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of Sun Communities by 4.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,775,910 shares of the real estate investment trust’s stock valued at $351,125,000 after buying an additional 128,334 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Up 1.7%

SUI opened at $125.79 on Friday. The stock has a market capitalization of $15.56 billion, a PE ratio of 15.76, a P/E/G ratio of 4.14 and a beta of 0.90. The firm’s fifty day moving average price is $125.12 and its 200 day moving average price is $125.69. The company has a debt-to-equity ratio of 0.58, a current ratio of 6.01 and a quick ratio of 6.01. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $137.77.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Wednesday, December 31st were paid a dividend of $1.04 per share. The ex-dividend date was Wednesday, December 31st. This represents a $4.16 annualized dividend and a yield of 3.3%. Sun Communities’s dividend payout ratio is presently 52.13%.

Insider Buying and Selling

In other news, Director Clunet R. Lewis sold 4,000 shares of Sun Communities stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $126.24, for a total value of $504,960.00. Following the completion of the transaction, the director owned 26,000 shares in the company, valued at approximately $3,282,240. This trade represents a 13.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gary A. Shiffman sold 156,875 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.53, for a total value of $19,378,768.75. The disclosure for this sale is available in the SEC filing. Company insiders own 1.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on SUI. Royal Bank Of Canada upped their price target on Sun Communities from $142.00 to $143.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, January 20th. Barclays reaffirmed an “overweight” rating and set a $144.00 price target on shares of Sun Communities in a research note on Tuesday, January 13th. Robert W. Baird boosted their price objective on shares of Sun Communities from $134.00 to $136.00 and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Sun Communities in a research note on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $137.46.

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.