Sun Communities (NYSE:SUI) Shares Gap Down After Analyst Downgrade

Shares of Sun Communities, Inc. (NYSE:SUIGet Free Report) gapped down before the market opened on Thursday after Baird R W downgraded the stock from a strong-buy rating to a hold rating. The stock had previously closed at $131.76, but opened at $119.21. Sun Communities shares last traded at $121.99, with a volume of 1,216,545 shares traded.

SUI has been the subject of several other research reports. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Truist Financial increased their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company increased their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $145.00 to $126.00 in a research note on Thursday. Finally, Evercore ISI increased their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $141.82.

Read Our Latest Stock Analysis on SUI

Institutional Trading of Sun Communities

Several hedge funds have recently made changes to their positions in the business. Assetmark Inc. raised its holdings in Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Quest Partners LLC increased its stake in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 236 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Sun Communities in the second quarter valued at approximately $62,000. Finally, Blue Trust Inc. increased its stake in Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Price Performance

The company has a market capitalization of $15.63 billion, a PE ratio of 67.42, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The company’s 50 day simple moving average is $135.32 and its 200 day simple moving average is $126.80.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 3.00%. Sun Communities’s dividend payout ratio is currently 202.15%.

Sun Communities Company Profile

(Get Free Report)

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.

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