StockNews.com Lowers Sun Communities (NYSE:SUI) to Sell

StockNews.com downgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a research note issued to investors on Friday.

Several other equities research analysts also recently weighed in on the company. JMP Securities restated a market outperform rating and set a $150.00 price target on shares of Sun Communities in a report on Thursday, May 2nd. Royal Bank of Canada increased their price objective on Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a report on Friday, August 2nd. Finally, Evercore ISI dropped their price objective on Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $135.10.

Sun Communities Price Performance

SUI opened at $130.48 on Friday. The stock’s 50-day moving average price is $121.72 and its 200 day moving average price is $123.44. Sun Communities has a 12-month low of $102.74 and a 12-month high of $137.45. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm has a market cap of $16.27 billion, a price-to-earnings ratio of 112.48, a PEG ratio of 0.96 and a beta of 0.88.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.94 dividend. The ex-dividend date was Friday, June 28th. This represents a $3.76 annualized dividend and a dividend yield of 2.88%. Sun Communities’s dividend payout ratio is currently 324.14%.

Insider Activity

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $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.

Hedge Funds Weigh In On Sun Communities

Hedge funds and other institutional investors have recently bought and sold shares of the company. Evoke Wealth LLC acquired a new position in Sun Communities during the fourth quarter worth $5,594,000. Clearbridge Investments LLC increased its position in Sun Communities by 12.3% during the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after buying an additional 33,382 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Sun Communities by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after buying an additional 33,795 shares in the last quarter. Strs Ohio increased its position in Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after buying an additional 23,792 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its position in Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

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.