Sun Communities (NYSE:SUI) Cut to “Underperform” at 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 released on Tuesday morning, MarketBeat.com reports. The firm currently has $114.00 target price on the real estate investment trust’s stock, down from their previous target price of $147.00.

A number of other analysts also recently issued reports on SUI. Jefferies Financial Group started coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price for the company. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $126.00 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. Finally, Truist Financial boosted their price target 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 analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $139.08.

Sun Communities Trading Down 1.4 %

NYSE SUI opened at $124.08 on Tuesday. The business’s fifty day moving average is $134.73 and its 200-day moving average is $126.98. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market capitalization of $15.81 billion, a price-to-earnings ratio of 66.71, a PEG ratio of 0.53 and a beta of 0.91. Sun Communities has a one year low of $110.98 and a one year high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same period in the prior year, the firm posted $2.57 EPS. The business’s revenue was down 4.4% on a year-over-year basis. Equities research analysts predict that Sun Communities will post 6.75 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed 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 was Monday, September 30th. Sun Communities’s dividend payout ratio is 202.15%.

Hedge Funds Weigh In On Sun Communities

A number of institutional investors have recently added to or reduced their stakes in the business. Assetmark Inc. increased its position in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Brooklyn Investment Group purchased a new position in Sun Communities in the 3rd quarter worth approximately $41,000. Quest Partners LLC increased its holdings in shares of 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 buying an additional 381 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities during the 3rd quarter valued at $60,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities during the 2nd quarter worth $62,000. 99.59% of the stock is currently owned by 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.