Sun Communities (NYSE:SUI) Cut to “Inline” at Evercore ISI

Evercore ISI cut shares of Sun Communities (NYSE:SUI) from an outperform rating to an inline rating in a research note released on Monday morning, MarketBeat Ratings reports. Evercore ISI currently has $149.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $144.00.

SUI has been the topic of several other reports. StockNews.com downgraded shares of Sun Communities from a hold rating to a sell rating in a research report on Friday, August 9th. Robert W. Baird increased their price target on shares of Sun Communities from $144.00 to $145.00 and gave the stock an outperform rating in a research report on Tuesday, September 3rd. Royal Bank of Canada raised their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Finally, Truist Financial raised their price objective 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, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $138.09.

Sun Communities Stock Down 1.1 %

SUI opened at $143.08 on Monday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities has a 1-year low of $102.74 and a 1-year high of $147.83. The company has a market capitalization of $17.83 billion, a PE ratio of 123.34, a PEG ratio of 1.06 and a beta of 0.91. The firm’s 50 day simple moving average is $132.28 and its two-hundred day simple moving average is $125.10.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sun Communities

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in Sun Communities in the fourth quarter worth about $576,397,000. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 purchasing an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 worth $354,986,000 after purchasing an additional 111,569 shares during the period. Daiwa Securities Group Inc. increased its position in shares of 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 valued at $264,253,000 after purchasing an additional 424,842 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in 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 buying an additional 96,529 shares during the period. 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.