Sun Communities (NYSE:SUI) Shares Down 3.4% – Here’s Why

Sun Communities, Inc. (NYSE:SUI)’s share price fell 3.4% on Monday . The company traded as low as $129.20 and last traded at $129.29. 584,195 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 801,218 shares. The stock had previously closed at $133.89.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SUI. UBS Group raised shares of Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. Wells Fargo & Company raised their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Truist Financial raised their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Robert W. Baird raised their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Finally, StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Sun Communities presently has an average rating of “Moderate Buy” and an average price target of $143.91.

Sun Communities Stock Down 1.4 %

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 $16.45 billion, a price-to-earnings ratio of 154.64, a PEG ratio of 0.98 and a beta of 0.91. The firm’s 50-day simple moving average is $135.83 and its two-hundred day simple moving average is $126.13.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s payout ratio is presently 437.21%.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in Sun Communities by 50.3% during the 1st 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 acquiring an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in 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 during the last quarter. Daiwa Securities Group Inc. boosted its stake in 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 worth $264,253,000 after acquiring an additional 424,842 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after acquiring an additional 96,529 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Sun Communities by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after acquiring an additional 10,592 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

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.