Sun Communities (NYSE:SUI) Rating Increased to Hold at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of Sun Communities (NYSE:SUI – Free Report) from a sell rating to a hold rating in a research report released on Thursday morning.

A number of other brokerages also recently issued reports on SUI. Truist Financial lifted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a hold rating in a research note on Tuesday, August 13th. Wells Fargo & Company lifted their price target on shares of Sun Communities from $123.00 to $154.00 and gave the stock an equal weight rating in a research note on Thursday, September 19th. Evercore ISI downgraded shares of Sun Communities from an outperform rating to an inline rating and lifted their price target for the stock from $144.00 to $149.00 in a research note on Monday, September 16th. Royal Bank of Canada lifted their price target on shares of Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Finally, Robert W. Baird lifted their price target on shares of Sun Communities from $144.00 to $145.00 and gave the stock an outperform rating in a research note on Tuesday, September 3rd. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $142.20.

Read Our Latest Report on Sun Communities

Sun Communities Trading Up 0.7 %

NYSE SUI opened at $129.80 on Thursday. The firm has a 50 day simple moving average of $134.84 and a 200-day simple moving average of $125.42. 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 one year low of $102.74 and a one year high of $147.83. The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 111.90, a PEG ratio of 0.94 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.94 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.90%. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Sun Communities

A number of large investors have recently bought and sold shares of SUI. Price T Rowe Associates Inc. MD raised its position in Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after buying an additional 1,105,306 shares during the last quarter. PGGM Investments grew its stake in shares of Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after purchasing an additional 767,126 shares during the period. Daiwa Securities Group Inc. grew its stake 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 worth $264,253,000 after purchasing an additional 424,842 shares during the period. Hsbc Holdings PLC grew its stake in shares of Sun Communities by 199.1% during the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after purchasing an additional 238,498 shares during the period. Finally, Heitman Real Estate Securities LLC acquired a new position in shares of Sun Communities during the 4th quarter worth $17,776,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

About Sun Communities

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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.

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