Sun Communities (NYSE:SUI) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of Sun Communities (NYSE:SUI) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has $114.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $147.00.

A number of other research analysts have also weighed in on SUI. Baird R W lowered Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. UBS Group upgraded shares of Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. BMO Capital Markets decreased their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group assumed 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 for the company. Finally, Truist Financial increased their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $139.50.

Sun Communities Stock Down 2.3 %

Shares of Sun Communities stock opened at $124.18 on Tuesday. The business’s 50 day simple moving average is $135.16 and its 200 day simple moving average is $126.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market cap of $15.82 billion, a PE ratio of 66.76, a P/E/G ratio of 0.98 and a beta of 0.91. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Sun Communities’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.57 EPS. On average, analysts predict that Sun Communities will post 6.76 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

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

Hedge Funds Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new stake in shares of Sun Communities in the first quarter valued at about $237,000. SG Americas Securities LLC boosted its stake in Sun Communities by 145.0% in the first quarter. SG Americas Securities LLC now owns 20,576 shares of the real estate investment trust’s stock valued at $2,646,000 after acquiring an additional 12,177 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in shares of Sun Communities by 4.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 151,233 shares of the real estate investment trust’s stock valued at $21,306,000 after purchasing an additional 6,746 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Sun Communities by 8.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock worth $18,414,000 after acquiring an additional 11,195 shares during the period. Finally, Centersquare Investment Management LLC lifted its position in shares of Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after acquiring an additional 96,529 shares during the last quarter. 99.59% of the stock is 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.