Sun Communities (NYSE:SUI) Cut to “Neutral” at Robert W. Baird

Robert W. Baird cut shares of Sun Communities (NYSE:SUI) from an outperform rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat.com reports. Robert W. Baird currently has $126.00 price target on the real estate investment trust’s stock, down from their previous price target of $145.00.

Several other equities research analysts have also weighed in on SUI. Truist Financial increased their price objective 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. UBS Group upgraded Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Evercore ISI upped their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company raised 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. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $141.82.

Sun Communities Price Performance

Shares of NYSE SUI opened at $125.32 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $15.62 billion, a price-to-earnings ratio of 67.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. Sun Communities has a twelve month low of $110.98 and a twelve month high of $147.83. The business has a 50 day simple moving average of $135.32 and a 200-day simple moving average of $126.80.

Sun Communities (NYSE:SUI) last released its quarterly earnings data 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 business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 EPS. As a group, equities research analysts expect that Sun Communities will post 6.76 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is currently 202.15%.

Hedge Funds Weigh In On Sun Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norden Group LLC boosted its holdings in shares of Sun Communities by 67.5% in the first quarter. Norden Group LLC now owns 3,392 shares of the real estate investment trust’s stock valued at $435,000 after acquiring an additional 1,367 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Sun Communities by 6.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,435 shares of the real estate investment trust’s stock valued at $1,856,000 after purchasing an additional 838 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Sun Communities by 3.5% during the 1st quarter. Nordea Investment Management AB now owns 7,862 shares of the real estate investment trust’s stock valued at $1,007,000 after purchasing an additional 268 shares during the period. Mutual of America Capital Management LLC raised its stake in shares of Sun Communities by 5.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 11,213 shares of the real estate investment trust’s stock worth $1,442,000 after buying an additional 555 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Sun Communities by 90.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,582 shares of the real estate investment trust’s stock valued at $589,000 after buying an additional 2,172 shares during the period. 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.