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

Sun Communities (NYSE:SUI) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other research analysts have also recently issued reports on SUI. UBS Group downgraded shares of 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 research note on Thursday, November 14th. Wells Fargo & Company increased their target price 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 downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Jefferies Financial Group began coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Finally, Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Price Performance

SUI opened at $128.52 on Wednesday. The firm has a 50-day moving average of $133.24 and a 200 day moving average of $127.33. 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 has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The firm has a market cap of $16.37 billion, a P/E ratio of 68.68, a PEG ratio of 0.53 and a beta of 0.91.

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). The company had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.57 earnings per share. On average, research analysts expect that Sun Communities will post 6.78 EPS for the current year.

Hedge Funds Weigh In On Sun Communities

Large investors have recently made changes to their positions in the business. Assetmark Inc. grew its stake 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 worth $27,000 after buying an additional 190 shares during the last quarter. Brooklyn Investment Group bought a new stake in Sun Communities in the third quarter worth $41,000. Quest Partners LLC grew its stake in shares of Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 381 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Sun Communities during the third quarter valued at $60,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Sun Communities in the 2nd quarter worth about $62,000. 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.