Sun Communities (NYSE:SUI) Sets New 12-Month Low Following Analyst Downgrade

Sun Communities, Inc. (NYSE:SUIGet Rating)’s stock price hit a new 52-week low during trading on Tuesday after Evercore ISI lowered their price target on the stock from $170.00 to $166.00. Evercore ISI currently has an outperform rating on the stock. Sun Communities traded as low as $146.38 and last traded at $146.38, with a volume of 886 shares. The stock had previously closed at $150.65.

Several other equities research analysts have also recently commented on SUI. Wolfe Research initiated coverage on shares of Sun Communities in a research report on Friday, July 15th. They set a “peer perform” rating on the stock. Barclays cut their price target on shares of Sun Communities from $230.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. JMP Securities cut their price target on shares of Sun Communities from $220.00 to $200.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 28th. TheStreet upgraded shares of Sun Communities from a “c+” rating to a “b-” rating in a research note on Wednesday, August 24th. Finally, Truist Financial boosted their price objective on shares of Sun Communities from $185.00 to $193.00 in a research note on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $201.25.

Insider Buying and Selling

In related news, EVP Bruce Thelen sold 6,892 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $165.40, for a total transaction of $1,139,936.80. Following the completion of the transaction, the executive vice president now owns 25,120 shares of the company’s stock, valued at $4,154,848. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. Riverview Trust Co purchased a new stake in shares of Sun Communities in the 1st quarter worth about $28,000. Trust Co. of Vermont bought a new position in shares of Sun Communities in the 2nd quarter worth approximately $26,000. Eagle Bay Advisors LLC purchased a new stake in Sun Communities in the 2nd quarter worth approximately $27,000. Harvest Fund Management Co. Ltd purchased a new stake in Sun Communities in the 2nd quarter worth approximately $36,000. Finally, Meeder Asset Management Inc. purchased a new stake in Sun Communities during the 1st quarter valued at approximately $41,000. 94.26% of the stock is currently owned by institutional investors.

Sun Communities Stock Performance

The business’s fifty day simple moving average is $160.71 and its 200-day simple moving average is $166.23. The firm has a market capitalization of $18.16 billion, a PE ratio of 53.95, a price-to-earnings-growth ratio of 2.49 and a beta of 0.62. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.24 and a current ratio of 2.24.

Sun Communities (NYSE:SUIGet Rating) last posted its quarterly earnings data on Monday, July 25th. The real estate investment trust reported $0.61 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.19). Sun Communities had a return on equity of 4.42% and a net margin of 12.33%. During the same quarter in the previous year, the business earned $1.80 EPS. As a group, equities research analysts expect that Sun Communities, Inc. will post 7.22 EPS for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Thursday, September 29th. Sun Communities’s dividend payout ratio is currently 128.94%.

Sun Communities Company Profile

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Sun Communities, Inc is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.

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