BlackRock Takes $1.65 Billion Sun Communities Stake as Institutional Ownership Hits 99%

BlackRock Inc. acquired 13.76 million shares of Sun Communities, Inc. (SUI) during the second quarter. The investment is valued at approximately $1.65 billion. This purchase gives BlackRock an 11.3% ownership stake in the real estate investment trust. Institutional investors and hedge funds now hold 99.59% of the company's total stock.

Sun Communities joined the S&P MidCap 400 index on August 20. The company also declared a quarterly dividend of $1.12 per share.

Analysts currently maintain a Moderate Buy consensus rating for SUI. The average price target for the stock is $139.38.