Sun Communities (NYSE:SUI) Shares Gap Down to $120.31

Sun Communities, Inc. (NYSE:SUI - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $120.31, but opened at $115.00. Sun Communities shares last traded at $114.94, with a volume of 194,189 shares traded.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of recent analyst reports. Truist Financial lowered their price target on Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research note on Monday, March 18th. BMO Capital Markets dropped their price target on Sun Communities from $143.00 to $140.00 and set an "outperform" rating on the stock in a research report on Monday, January 22nd. Barclays decreased their price objective on Sun Communities from $157.00 to $155.00 and set an "overweight" rating for the company in a research report on Friday, January 26th. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a report on Tuesday, January 30th. They issued a "hold" rating and a $129.00 price target on the stock. Finally, JMP Securities reiterated a "market outperform" rating and issued a $150.00 price objective on shares of Sun Communities in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $141.17.

Sun Communities Stock Down 7.4 %

The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock's 50 day simple moving average is $126.91 and its 200 day simple moving average is $125.47. The firm has a market cap of $13.88 billion, a P/E ratio of 98.73, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities's previous quarterly dividend of $0.93. Sun Communities's dividend payout ratio is currently 329.83%.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares of the company's stock, valued at $3,724,092. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now directly owns 28,400 shares of the company's stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,000 shares of company stock valued at $912,460. 1.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sun Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Sun Communities by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust's stock valued at $89,975,000 after purchasing an additional 33,795 shares in the last quarter. Strs Ohio raised its stake in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust's stock valued at $40,241,000 after acquiring an additional 23,792 shares during the last quarter. abrdn plc grew its stake in shares of Sun Communities by 33.8% in the fourth quarter. abrdn plc now owns 76,538 shares of the real estate investment trust's stock worth $10,229,000 after purchasing an additional 19,314 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust's stock worth $177,638,000 after buying an additional 570,329 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in shares of Sun Communities by 9.2% during the third quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust's stock valued at $219,000 after buying an additional 155 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.