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

StockNews.com cut shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

SUI has been the subject of several other reports. Truist Financial upped their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. BMO Capital Markets lowered their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $139.08.

Sun Communities Trading Down 0.8 %

Shares of SUI stock opened at $127.45 on Wednesday. The business has a 50-day moving average price of $132.51 and a two-hundred day moving average price of $127.42. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.24 billion, a P/E ratio of 68.52, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.57 EPS. Equities analysts anticipate that Sun Communities will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.95%. Sun Communities’s dividend payout ratio is presently 202.15%.

Hedge Funds Weigh In On Sun Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUI. FMR LLC increased its stake in shares of Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after acquiring an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Sun Communities by 1,061.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after purchasing an additional 1,209,522 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Sun Communities by 50.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after purchasing an additional 1,105,306 shares in the last quarter. PGGM Investments lifted its holdings in shares of Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after purchasing an additional 767,126 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of 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 purchasing an additional 424,842 shares in the last quarter. Hedge funds and other 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.