Sun Communities (NYSE:SUI) Shares Gap Up – Still a Buy?

Sun Communities, Inc. (NYSE:SUI) gapped up prior to trading on Monday . The stock had previously closed at $126.07, but opened at $131.00. Sun Communities shares last traded at $132.10, with a volume of 294,178 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SUI shares. Truist Financial upgraded shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Royal Bank of Canada cut their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Finally, UBS Group lowered shares of Sun Communities from a “buy” rating to a “neutral” rating and cut their target price for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $134.55.

Sun Communities Trading Up 7.0 %

The business’s 50-day moving average price is $124.56 and its 200 day moving average price is $129.46. The company has a market cap of $17.18 billion, a P/E ratio of 72.57 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Institutional Trading of Sun Communities

A number of hedge funds have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 84 shares during the last quarter. Cascade Investment Advisors Inc. lifted its stake in shares of Sun Communities by 0.8% during the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock worth $1,276,000 after buying an additional 85 shares during the last quarter. Utah Retirement Systems lifted its stake in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust’s stock worth $2,521,000 after buying an additional 100 shares during the last quarter. Cetera Trust Company N.A lifted its stake in shares of Sun Communities by 6.0% during the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after buying an additional 105 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 123 shares during the last quarter. Institutional investors and hedge funds 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.