Envestnet Asset Management Inc. Sells 8,241 Shares of Sun Communities, Inc. $SUI

Envestnet Asset Management Inc. lessened its holdings in Sun Communities, Inc. (NYSE:SUI) by 4.6% in the third quarter, Holdings Channel reports. The institutional investor owned 171,389 shares of the real estate investment trust’s stock after selling 8,241 shares during the period. Envestnet Asset Management Inc.’s holdings in Sun Communities were worth $22,109,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Aew Capital Management L P grew its stake in shares of Sun Communities by 7.2% in the second quarter. Aew Capital Management L P now owns 205,190 shares of the real estate investment trust’s stock worth $25,954,000 after purchasing an additional 13,730 shares during the last quarter. Allstate Corp acquired a new position in Sun Communities during the 3rd quarter worth about $659,000. Rakuten Investment Management Inc. bought a new stake in shares of Sun Communities in the 3rd quarter valued at about $1,527,000. Baillie Gifford & Co. increased its stake in shares of Sun Communities by 26.6% in the third quarter. Baillie Gifford & Co. now owns 48,210 shares of the real estate investment trust’s stock valued at $6,219,000 after buying an additional 10,127 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Sun Communities by 4.8% during the second quarter. Daiwa Securities Group Inc. now owns 2,775,910 shares of the real estate investment trust’s stock worth $351,125,000 after acquiring an additional 128,334 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SUI. Barclays reiterated an “overweight” rating and issued a $144.00 target price on shares of Sun Communities in a report on Tuesday, January 13th. Robert W. Baird upped their price objective on shares of Sun Communities from $134.00 to $136.00 and gave the company a “neutral” rating in a research note on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, January 20th. Wall Street Zen upgraded shares of Sun Communities from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Finally, UBS Group increased their price target on Sun Communities from $126.00 to $127.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sun Communities has a consensus rating of “Hold” and an average price target of $137.46.

Insider Buying and Selling

In other news, Director Gary A. Shiffman sold 156,875 shares of the stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.53, for a total value of $19,378,768.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.77% of the company’s stock.

Sun Communities Stock Performance

SUI opened at $130.85 on Friday. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $137.77. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 4.25 and a beta of 0.90. The company’s fifty day moving average price is $125.18 and its two-hundred day moving average price is $125.92. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.58.

Sun Communities Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 3.2%. Sun Communities’s payout ratio is 52.13%.

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.