Sun Communities, Inc. (NYSE:SUI) Given Average Rating of “Hold” by Brokerages

Shares of Sun Communities, Inc. (NYSE:SUI) have been assigned an average recommendation of “Hold” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $135.69.

A number of analysts have recently commented on SUI shares. Royal Bank of Canada lowered their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. UBS Group lowered shares of Sun Communities from a “buy” rating to a “neutral” rating and cut their target price for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Friday. Finally, Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th.

Sun Communities Stock Performance

SUI opened at $126.08 on Monday. The firm has a 50 day moving average of $124.39 and a two-hundred day moving average of $129.11. The firm has a market capitalization of $16.06 billion, a PE ratio of 67.78, a P/E/G ratio of 0.49 and a beta of 0.89. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83.

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

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.98%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s payout ratio is 202.15%.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds have recently made changes to their positions in SUI. Victory Capital Management Inc. increased its position in shares of Sun Communities by 6.9% during the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock worth $10,434,000 after purchasing an additional 5,008 shares in the last quarter. FMR LLC boosted its stake in Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. KBC Group NV grew its holdings in shares of Sun Communities by 303.3% during the third quarter. KBC Group NV now owns 109,939 shares of the real estate investment trust’s stock worth $14,858,000 after buying an additional 82,682 shares in the last quarter. AMG National Trust Bank purchased a new stake in shares of Sun Communities during the third quarter worth $1,690,000. Finally, Swedbank AB raised its position in shares of Sun Communities by 52.8% in the third quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust’s stock valued at $21,944,000 after buying an additional 56,132 shares during the last quarter. Institutional investors and hedge funds 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.