Sun Communities (NYSE:SUI) Downgraded by Robert W. Baird to Neutral

Robert W. Baird downgraded shares of Sun Communities (NYSE:SUI) from an outperform rating to a neutral rating in a research note published on Thursday, MarketBeat.com reports. They currently have $126.00 price target on the real estate investment trust’s stock, down from their previous price target of $145.00.

A number of other equities analysts have also recently issued reports on the company. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Jefferies Financial Group started coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price for the company. Royal Bank of Canada upped their target price on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Evercore ISI upped their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Finally, UBS Group upgraded Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $141.82.

Sun Communities Trading Up 0.6 %

SUI traded up $0.77 during trading hours on Thursday, reaching $123.99. 425,471 shares of the company’s stock traded hands, compared to its average volume of 823,512. The firm has a 50-day moving average price of $135.52 and a 200 day moving average price of $126.75. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $15.46 billion, a PE ratio of 67.37, a PEG ratio of 0.96 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.03%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio is currently 202.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SUI. Norden Group LLC increased its holdings in shares of Sun Communities by 67.5% in the first quarter. Norden Group LLC now owns 3,392 shares of the real estate investment trust’s stock valued at $435,000 after purchasing an additional 1,367 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Sun Communities by 6.2% in the first quarter. Janney Montgomery Scott LLC now owns 14,435 shares of the real estate investment trust’s stock worth $1,856,000 after buying an additional 838 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Sun Communities by 3.5% in the first quarter. Nordea Investment Management AB now owns 7,862 shares of the real estate investment trust’s stock worth $1,007,000 after buying an additional 268 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Sun Communities by 5.2% in the first quarter. Mutual of America Capital Management LLC now owns 11,213 shares of the real estate investment trust’s stock worth $1,442,000 after buying an additional 555 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Sun Communities by 90.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,582 shares of the real estate investment trust’s stock worth $589,000 after buying an additional 2,172 shares during 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.