Sun Communities (NYSE:SUI) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a research report released on Saturday.

Several other equities analysts have also commented on SUI. Mizuho decreased their price objective on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Sun Communities in a report on Wednesday, July 29th. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft set a $133.00 price target on Sun Communities in a research note on Thursday, May 14th. Finally, Barclays lowered their price target on Sun Communities from $147.00 to $146.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Sun Communities has an average rating of “Moderate Buy” and a consensus target price of $139.98.

Sun Communities Trading Down 0.8%

Shares of SUI stock opened at $122.55 on Friday. Sun Communities has a 1-year low of $115.90 and a 1-year high of $137.85. The firm has a market cap of $14.93 billion, a PE ratio of -17.29, a price-to-earnings-growth ratio of 4.03 and a beta of 0.78. The company has a 50-day moving average of $121.93 and a two-hundred day moving average of $126.43. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Sun Communities’s dividend payout ratio (DPR) is presently -63.19%.

Insider Buying and Selling

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the sale, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the transaction, the executive vice president directly owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This represents a 70.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.58% of the company’s stock.

Institutional Trading of Sun Communities

A number of large investors have recently modified their holdings of SUI. Norges Bank purchased a new position in Sun Communities in the fourth quarter valued at $753,364,000. State Street Corp increased its holdings in Sun Communities by 4.2% during the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock worth $699,862,000 after purchasing an additional 214,634 shares during the period. Wellington Management Group LLP increased its holdings in Sun Communities by 12.4% during the 4th quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock worth $624,490,000 after purchasing an additional 554,075 shares during the period. Geode Capital Management LLC raised its position in Sun Communities by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock valued at $288,937,000 after purchasing an additional 9,539 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Sun Communities by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust’s stock valued at $228,280,000 after buying an additional 51,588 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.