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

Shares of Sun Communities, Inc. (NYSE:SUI) 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.

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

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.