Sun Communities (NYSE:SUI) Sets New 52-Week Low – What’s Next?

Sun Communities, Inc. (NYSE:SUI) reached a new 52-week low during trading on Thursday. The stock traded as low as $109.83 and last traded at $109.97, with a volume of 19519 shares changing hands. The stock had previously closed at $110.78.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SUI. Barclays lifted their target price on shares of Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Jefferies Financial Group raised shares of Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company reduced their price objective on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Truist Financial lowered their target price on shares of Sun Communities from $138.00 to $136.00 and set a “buy” rating on the stock in a report on Friday, September 11th. Finally, Bank of America raised Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 price target for the company in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sun Communities presently has a consensus rating of “Moderate Buy” and an average price target of $139.30.

Sun Communities Stock Down 0.5%

The company has a market cap of $13.43 billion, a PE ratio of -15.51, a P/E/G ratio of 4.80 and a beta of 0.77. The stock has a 50-day moving average of $119.23 and a 200-day moving average of $122.98. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $4.48 annualized dividend and a dividend yield of 4.1%. Sun Communities’s payout ratio is presently -63.19%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Sun Communities in the 2nd quarter worth approximately $1,649,715,000. Dimensional Fund Advisors LP lifted its holdings in shares of Sun Communities by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust’s stock worth $228,280,000 after acquiring an additional 51,588 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Sun Communities by 2.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,536,249 shares of the real estate investment trust’s stock worth $184,212,000 after acquiring an additional 31,497 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Sun Communities in the second quarter worth $156,841,000. Finally, Legal & General Group Plc purchased a new position in Sun Communities in the second quarter worth $122,737,000. 99.59% of the stock is currently owned by institutional investors.

About Sun Communities

Sun Communities, Inc is a real estate investment trust that owns, operates and develops residential communities and recreational properties. Its portfolio primarily includes manufactured housing communities, recreational vehicle resorts and marinas.

The company provides housing and leisure-oriented accommodations through communities offering manufactured homes, seasonal and long-term RV sites, and related amenities. Its marina operations include wet slips, dry storage and other services for boat owners.

Founded in 1975, Sun Communities serves residents, vacationers and boaters across the United States, with additional operations in the United Kingdom.