Sun Communities (NYSE:SUI) Stock Price Down 3.4% – What’s Next?

Sun Communities, Inc. (NYSE:SUI) shares were down 3.4% on Monday . The company traded as low as $129.20 and last traded at $129.29. Approximately 584,195 shares changed hands during trading, a decline of 27% from the average daily volume of 801,218 shares. The stock had previously closed at $133.89.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SUI shares. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target on the stock. Evercore ISI raised their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. 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. Finally, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $143.91.

Sun Communities Trading Down 0.5 %

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 firm has a market cap of $16.36 billion, a P/E ratio of 113.15, a P/E/G ratio of 0.98 and a beta of 0.91. The firm has a 50 day simple moving average of $135.82 and a 200 day simple moving average of $126.27.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.86%. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sun Communities

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in shares of Sun Communities by 50.3% in the first 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 purchasing an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Sun Communities by 3.9% in 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 buying an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Sun Communities by 24.0% in 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 buying an additional 424,842 shares during the last quarter. Centersquare Investment Management LLC raised its position in shares of 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 valued at $279,259,000 after buying an additional 96,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of 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. 99.59% of the stock is currently owned by institutional investors.

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.