Sun Communities (NYSE:SUI) Sets New 12-Month High at $141.83

Shares of Sun Communities, Inc. (NYSE:SUI) reached a new 52-week high during trading on Tuesday . The stock traded as high as $141.83 and last traded at $141.11, with a volume of 520602 shares trading hands. The stock had previously closed at $140.00.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of research reports. Evercore ISI raised their target price on shares of Sun Communities from $143.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Truist Financial boosted their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Robert W. Baird lifted their price target on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada raised their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $137.64.

Sun Communities Trading Up 1.0 %

The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 121.81, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The company’s 50 day simple moving average is $128.63 and its two-hundred day simple moving average is $124.44.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.89% of the company’s stock.

Institutional Trading of Sun Communities

Several large investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Sun Communities in the 4th quarter valued at $576,397,000. Price T Rowe Associates Inc. MD lifted its position in shares of Sun Communities by 50.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after buying an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Sun Communities by 3.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after acquiring an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after acquiring an additional 424,842 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its stake in shares of Sun Communities by 4.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after acquiring an additional 96,529 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

About Sun Communities

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.