Sun Communities (NYSE:SUI) Cut to Inline at Evercore ISI

Evercore ISI lowered shares of Sun Communities (NYSE:SUI) from an outperform rating to an inline rating in a report released on Monday, Marketbeat reports. The brokerage currently has $149.00 price target on the real estate investment trust’s stock, up from their prior price target of $144.00.

A number of other research firms have also weighed in on SUI. Royal Bank of Canada increased their target price on Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a hold rating in a report on Tuesday, August 13th. StockNews.com downgraded shares of Sun Communities from a hold rating to a sell rating in a research note on Friday, August 9th. Finally, Robert W. Baird lifted their price target on shares of Sun Communities from $144.00 to $145.00 and gave the company an outperform rating in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $138.09.

Sun Communities Trading Down 1.1 %

SUI opened at $143.08 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock’s 50 day moving average price is $132.28 and its 200-day moving average price is $125.10. Sun Communities has a one year low of $102.74 and a one year high of $147.83. The stock has a market cap of $17.83 billion, a price-to-earnings ratio of 123.34, a P/E/G ratio of 1.06 and a beta of 0.91.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s payout ratio is 324.14%.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Sun Communities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Sun Communities during the fourth quarter worth about $576,397,000. Price T Rowe Associates Inc. MD grew its position in Sun Communities by 50.3% during 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 purchasing an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 3.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after purchasing an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Sun Communities by 24.0% in the second 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 last quarter. Finally, Centersquare Investment Management LLC lifted its stake in shares of Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares during the period. 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.