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

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

A number of other equities research analysts have also weighed in on SUI. Evercore ISI raised their price objective 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. Royal Bank of Canada dropped their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets decreased their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $139.08.

Sun Communities Stock Down 0.3 %

Shares of NYSE SUI opened at $126.23 on Wednesday. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83. The stock has a market cap of $16.08 billion, a P/E ratio of 67.87, a PEG ratio of 0.53 and a beta of 0.91. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The business’s fifty day simple moving average is $133.55 and its 200-day simple moving average is $127.33.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data 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). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter in the previous year, the business posted $2.57 EPS. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. As a group, equities analysts predict that Sun Communities will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Hedge Funds Weigh In On Sun Communities

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew 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 valued at $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Sun Communities by 50.3% in the 1st 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 buying an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 3.9% in 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 buying an additional 111,569 shares during the period. Daiwa Securities Group Inc. raised its position in Sun Communities by 24.0% during 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 buying an additional 424,842 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Sun Communities by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after acquiring an additional 10,592 shares during the period. Institutional investors and hedge funds 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.