Sun Communities (NYSE:SUI) Lowered to “Neutral” Rating by Robert W. Baird

Robert W. Baird lowered shares of Sun Communities (NYSE:SUI) from an outperform rating to a neutral rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has $126.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $145.00.

Other analysts have also issued research reports about the company. Truist Financial increased their price objective on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company increased their price objective on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Evercore ISI raised their price target on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Jefferies Financial Group assumed coverage on Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target for the company. Finally, StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $141.82.

Sun Communities Price Performance

SUI traded up $0.77 during midday trading on Thursday, hitting $123.99. The stock had a trading volume of 425,471 shares, compared to its average volume of 823,512. The company has a market cap of $15.46 billion, a P/E ratio of 67.37, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The business has a fifty day moving average of $135.52 and a 200 day moving average of $126.75. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. Sun Communities has a 1 year low of $110.98 and a 1 year high of $147.83.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Institutional Trading of Sun Communities

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. increased its stake in Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares during the last quarter. Quest Partners LLC increased its stake in 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 worth $46,000 after acquiring an additional 381 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Sun Communities in the 2nd quarter worth approximately $62,000. Farther Finance Advisors LLC increased its stake in Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Sun Communities by 230.7% in the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after acquiring an additional 436 shares during the last quarter. Institutional investors 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.