Sun Communities (NYSE:SUI) Shares Gap Down on Analyst Downgrade

Sun Communities, Inc. (NYSE:SUI) gapped down before the market opened on Thursday after Royal Bank of Canada lowered their price target on the stock from $147.00 to $135.00. The stock had previously closed at $131.76, but opened at $119.21. Royal Bank of Canada currently has an outperform rating on the stock. Sun Communities shares last traded at $121.99, with a volume of 1,216,545 shares.

Several other research firms also recently issued reports on SUI. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective for the company. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $145.00 to $126.00 in a report on Thursday. BMO Capital Markets reduced their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Evercore ISI increased their price target on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $141.82.

Hedge Funds Weigh In On Sun Communities

Hedge funds have recently made changes to their positions in the business. Assetmark Inc. raised its stake in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 190 shares in the last quarter. Quest Partners LLC raised its stake in shares of Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Sun Communities by 89.1% during the 3rd 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 in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Sun Communities during the 2nd quarter worth about $62,000. Finally, Blue Trust Inc. increased its position in shares of Sun Communities by 230.7% during the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 436 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Down 6.9 %

The firm has a market cap of $15.29 billion, a price-to-earnings ratio of 141.28, a PEG ratio of 0.95 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. The business’s 50-day moving average is $135.71 and its 200-day moving average is $126.78.

Sun Communities Dividend Announcement

The company also recently announced 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is currently 437.21%.

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.