Sun Communities (NYSE:SUI) Stock Price Down 3.4% – What’s Next?

Sun Communities, Inc. (NYSE:SUI) shares dropped 3.4% during mid-day trading on Monday . The company traded as low as $129.20 and last traded at $129.29. Approximately 584,195 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 801,218 shares. The stock had previously closed at $133.89.

Analyst Ratings Changes

SUI has been the topic of a number of research reports. Wells Fargo & Company raised their price objective on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Evercore ISI lifted their price target 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. Truist Financial upped their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price on the stock. Finally, UBS Group upgraded shares of Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Sun Communities presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.91.

Sun Communities Stock Down 0.5 %

The company has a market capitalization of $16.36 billion, a P/E ratio of 113.15, a PEG ratio of 0.98 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The company has a 50 day moving average of $135.82 and a 200-day moving average of $126.27.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.86%. Sun Communities’s dividend payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction 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 sale, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.89% of the stock is owned by corporate insiders.

Institutional Trading of Sun Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp raised its position in shares of Sun Communities by 10.8% in the 3rd quarter. Van ECK Associates Corp now owns 56,904 shares of the real estate investment trust’s stock worth $7,913,000 after acquiring an additional 5,547 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 shares during the period. First Trust Direct Indexing L.P. bought a new position in Sun Communities in the third quarter worth $235,000. abrdn plc lifted its position in Sun Communities by 6.6% during the third quarter. abrdn plc now owns 62,674 shares of the real estate investment trust’s stock valued at $8,470,000 after buying an additional 3,886 shares during the period. Finally, Bristlecone Advisors LLC boosted its holdings in shares of Sun Communities by 52.0% during the 3rd quarter. Bristlecone Advisors LLC now owns 5,555 shares of the real estate investment trust’s stock valued at $751,000 after buying an additional 1,900 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

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.