Sun Communities (NYSE:SUI) Lowered to Sell Rating by StockNews.com

StockNews.com lowered shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a research report released on Wednesday.

Other equities analysts have also issued research reports about the company. Truist Financial raised their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Wells Fargo & Company increased their price target 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. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Evercore ISI upped their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $139.08.

Sun Communities Trading Down 0.3 %

Shares of NYSE SUI opened at $126.23 on Wednesday. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The business has a fifty day moving average price of $133.55 and a 200 day moving average price of $127.33. The stock has a market capitalization of $16.08 billion, a P/E ratio of 67.87, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Sun Communities’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the business earned $2.57 earnings per share. Equities research analysts expect that Sun Communities will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of Sun Communities in the 3rd quarter valued at $1,564,000. Toronto Dominion Bank lifted its position in Sun Communities by 31.6% in the third quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust’s stock valued at $2,119,000 after buying an additional 3,766 shares during the last quarter. Vestcor Inc boosted its stake in Sun Communities by 36.9% during the third quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust’s stock worth $394,000 after buying an additional 785 shares during the period. Y Intercept Hong Kong Ltd raised its stake in shares of Sun Communities by 84.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock valued at $1,731,000 after acquiring an additional 5,861 shares during the period. Finally, Zimmer Partners LP acquired a new position in shares of Sun Communities in the 3rd quarter worth approximately $5,068,000. 99.59% of the stock is currently 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.