Sun Communities (NYSE:SUI) Lowered to Underperform Rating by Bank of America

Sun Communities (NYSE:SUI) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Tuesday,Briefing.com Automated Import reports. They currently have a $114.00 price objective on the real estate investment trust’s stock. Bank of America‘s price objective would indicate a potential downside of 10.32% from the stock’s current price.

A number of other brokerages have also recently commented on SUI. Robert W. Baird cut shares of 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 report on Thursday, November 7th. Evercore ISI increased their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Royal Bank of Canada reduced their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. 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. Finally, BMO Capital Markets reduced their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $139.50.

Sun Communities Stock Up 1.4 %

Shares of Sun Communities stock opened at $127.12 on Tuesday. The company has a 50-day simple moving average of $135.16 and a two-hundred day simple moving average of $126.95. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The stock has a market capitalization of $15.85 billion, a PE ratio of 68.34, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities (NYSE:SUI) last announced 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). Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The company had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the prior year, the firm earned $2.57 earnings per share. The business’s revenue was down 4.4% compared to the same quarter last year. On average, analysts anticipate that Sun Communities will post 6.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Sun Communities

Several institutional investors have recently made changes to their positions in SUI. Price T Rowe Associates Inc. MD lifted its holdings in shares of Sun Communities by 50.3% in 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. PGGM Investments increased its stake in Sun Communities by 159.9% in the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after buying an additional 767,126 shares during the period. Daiwa Securities Group Inc. increased its stake 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 worth $264,253,000 after buying an additional 424,842 shares during the period. Hsbc Holdings PLC increased its stake in Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after buying an additional 238,498 shares during the period. Finally, National Bank of Canada FI increased its stake in Sun Communities by 499.9% in the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock worth $18,562,000 after buying an additional 131,641 shares during the period. Institutional investors own 99.59% of the company’s stock.

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.