UBS Group Downgrades Sun Communities (NYSE:SUI) to Neutral

UBS Group downgraded shares of Sun Communities (NYSE:SUI) from a buy rating to a neutral rating in a research note released on Thursday morning, MarketBeat Ratings reports. UBS Group currently has $134.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $155.00.

A number of other brokerages have also issued reports on SUI. Jefferies Financial Group assumed coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Evercore ISI raised their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. BMO Capital Markets reduced their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Royal Bank of Canada lowered their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. One research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.08.

Sun Communities Price Performance

Shares of SUI opened at $125.16 on Thursday. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. 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 fifty day moving average price of $134.14 and a 200 day moving average price of $127.11. The company has a market cap of $15.94 billion, a P/E ratio of 67.29, a PEG ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI) last released its quarterly earnings results 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). The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.57 EPS. On average, research analysts forecast that Sun Communities will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is 202.15%.

Institutional Investors Weigh In On Sun Communities

Several hedge funds have recently modified their holdings of the stock. Assetmark Inc. raised its holdings in Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 190 shares during the period. Brooklyn Investment Group purchased a new position in shares of Sun Communities in the third quarter worth approximately $41,000. Quest Partners LLC raised its holdings in shares of Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 381 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities in the 3rd quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC boosted its stake in Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 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.