Sun Communities (NYSE:SUI) Downgraded by Evercore ISI to “Inline”

Evercore ISI lowered shares of Sun Communities (NYSE:SUI) from an outperform rating to an inline rating in a research note published on Monday morning, MarketBeat reports. The firm currently has $149.00 target price on the real estate investment trust’s stock, up from their previous target price of $144.00.

A number of other equities research analysts also recently weighed in on SUI. Robert W. Baird raised their price target on Sun Communities from $144.00 to $145.00 and gave the stock an outperform rating in a research note on Tuesday, September 3rd. StockNews.com cut shares of Sun Communities from a hold rating to a sell rating in a research note on Friday, August 9th. Truist Financial increased their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a hold rating in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada lifted their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $138.09.

Sun Communities Trading Down 1.1 %

Sun Communities stock opened at $145.96 on Monday. Sun Communities has a 12 month low of $102.74 and a 12 month 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 stock has a market cap of $18.20 billion, a P/E ratio of 125.83, a P/E/G ratio of 1.06 and a beta of 0.91. The company’s fifty day simple moving average is $131.26 and its 200-day simple moving average is $124.89.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio is 324.14%.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SUI. Vanguard Personalized Indexing Management LLC grew its stake in shares of Sun Communities by 12.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 6,750 shares of the real estate investment trust’s stock worth $902,000 after acquiring an additional 748 shares during the last quarter. Norges Bank bought a new stake in Sun Communities in the 4th quarter valued at $576,397,000. Dynamic Technology Lab Private Ltd acquired a new stake in Sun Communities in the 4th quarter worth $648,000. PNC Financial Services Group Inc. increased its holdings in shares of Sun Communities by 30.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,836 shares of the real estate investment trust’s stock worth $379,000 after purchasing an additional 661 shares during the period. Finally, Clearbridge Investments LLC raised its position in shares of Sun Communities by 12.3% during the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock valued at $40,654,000 after buying an additional 33,382 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Company Profile

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.