Sun Communities (NYSE:SUI) Rating Lowered to “Underperform” at Bank of America

Bank of America cut shares of Sun Communities (NYSE:SUI) from a neutral rating to an underperform rating in a research note published on Tuesday, Marketbeat Ratings reports. Bank of America currently has $114.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $147.00.

A number of other research firms have also recently issued reports on SUI. Royal Bank of Canada decreased their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. UBS Group upgraded Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. BMO Capital Markets cut their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus target price of $139.50.

Sun Communities Stock Down 2.3 %

NYSE SUI opened at $124.18 on Tuesday. The stock has a fifty day moving average of $135.16 and a 200-day moving average of $126.95. Sun Communities has a 52 week low of $110.98 and a 52 week high of $147.83. The stock has a market capitalization of $15.82 billion, a P/E ratio of 66.76, a price-to-earnings-growth ratio of 0.98 and a beta of 0.91. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 EPS. On average, equities research analysts forecast that Sun Communities will post 6.76 EPS for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.94 dividend. 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 190 shares in the last quarter. Quest Partners LLC increased its holdings in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 381 shares during the period. Farther Finance Advisors LLC boosted its position in Sun Communities by 89.1% in 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 in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Sun Communities during the 2nd quarter worth about $62,000. Finally, Blue Trust Inc. increased its position in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after buying an additional 436 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other 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.