Sun Communities (NYSE:SUI) Shares Gap Down on Analyst Downgrade

Sun Communities, Inc. (NYSE:SUI)’s stock price gapped down prior to trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $147.00 to $135.00. The stock had previously closed at $131.76, but opened at $119.21. Royal Bank of Canada currently has an outperform rating on the stock. Sun Communities shares last traded at $121.99, with a volume of 1,216,545 shares traded.

Several other analysts have also commented on the stock. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the company from $145.00 to $126.00 in a research note on Thursday. UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 target price for the company. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Finally, BMO Capital Markets cut their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $141.82.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its stake in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Quest Partners LLC increased its stake in shares of Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Sun Communities during the 2nd quarter worth $62,000. Finally, Blue Trust Inc. increased its stake in shares of Sun Communities by 230.7% during the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 436 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Down 6.9 %

The company’s 50 day moving average price is $135.71 and its 200 day moving average price is $126.78. The company has a market cap of $15.29 billion, a price-to-earnings ratio of 141.28, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.07%. Sun Communities’s dividend payout ratio (DPR) is 437.21%.

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.