Sun Communities (NYSE:SUI) Shares Gap Down Following Analyst Downgrade

Sun Communities, Inc. (NYSE:SUI)’s share price gapped down prior to trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $147.00 to $135.00. The stock had previously closed at $131.76, but opened at $119.21. Royal Bank of Canada currently has an outperform rating on the stock. Sun Communities shares last traded at $121.99, with a volume of 1,216,545 shares changing hands.

Several other equities analysts have also issued reports on the company. Truist Financial boosted their price objective on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Jefferies Financial Group initiated coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Wells Fargo & Company boosted their target price on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. UBS Group upgraded Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Evercore ISI boosted their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $141.82.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after acquiring an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after buying an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after buying an additional 424,842 shares in the last quarter. Centersquare Investment Management LLC grew its holdings in Sun Communities by 4.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after buying an additional 96,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Sun Communities by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after buying an additional 10,592 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Trading Down 6.5 %

The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The business has a fifty day simple moving average of $135.52 and a 200 day simple moving average of $126.75. The stock has a market capitalization of $15.35 billion, a price-to-earnings ratio of 143.21, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is 437.21%.

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.