Sun Communities (NYSE:SUI) Upgraded at StockNews.com

StockNews.com upgraded shares of Sun Communities (NYSE:SUI) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Other equities analysts have also recently issued reports about the stock. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and cut their target price for the company from $147.00 to $114.00 in a research note on Tuesday. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. Jefferies Financial Group started coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price on the stock. Evercore ISI raised their price target on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Finally, UBS Group raised 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, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $139.08.

Sun Communities Price Performance

NYSE:SUI opened at $124.08 on Tuesday. The business’s 50-day simple moving average is $134.73 and its two-hundred day simple moving average is $126.98. Sun Communities has a 52 week low of $110.98 and a 52 week high of $147.83. The stock has a market cap of $15.81 billion, a PE ratio of 66.71, a P/E/G ratio of 0.53 and a beta of 0.91. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same period in the prior year, the firm posted $2.57 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, analysts forecast that Sun Communities will post 6.75 EPS for the current fiscal year.

Sun Communities Dividend Announcement

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 dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SUI. Assetmark Inc. lifted 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 during the period. Brooklyn Investment Group acquired a new position in shares of Sun Communities in the 3rd quarter valued at $41,000. Quest Partners LLC boosted its holdings in Sun Communities by 12,700.0% during the second 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 in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Sun Communities during the third quarter valued at $60,000. Finally, 1620 Investment Advisors Inc. purchased a new position in Sun Communities in the second quarter valued at $62,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.