Sun Communities (NYSE:SUI) Hits New 12-Month Low - Here's What Happened

Key Points

• Sun Communities shares hit a new 52-week low, falling to $113.74 during Friday trading, below the prior close of $114.95.
• Analyst sentiment remains broadly positive but mixed: the stock carries a “Moderate Buy” consensus rating with an average price target of $138.92, despite several recent target-price reductions.
• The company declared a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.9% yield; an insider also sold 25,031 shares, while institutional investors own 99.59% of the stock.

Sun Communities, Inc. (NYSE:SUI - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $113.74 and last traded at $114.4070, with a volume of 163041 shares traded. The stock had previously closed at $114.95.

Analyst Ratings Changes

A number of brokerages have weighed in on SUI. Weiss Ratings lowered Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a report on Wednesday, August 12th. Jefferies Financial Group raised shares of Sun Communities to a "strong-buy" rating in a report on Wednesday, July 22nd. Morgan Stanley reduced their target price on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 12th. Mizuho lowered their price target on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 30th. Finally, Truist Financial dropped their price objective on shares of Sun Communities from $138.00 to $136.00 and set a "buy" rating for the company in a research note on Friday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Sun Communities currently has a consensus rating of "Moderate Buy" and an average target price of $138.92.

Sun Communities Price Performance

The stock has a 50-day simple moving average of $120.60 and a 200 day simple moving average of $124.48. The company has a market cap of $14.00 billion, a PE ratio of -16.20, a P/E/G ratio of 5.24 and a beta of 0.77. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Sun Communities's payout ratio is -63.19%.

Insider Activity at Sun Communities

In related news, Director Gary Shiffman sold 25,031 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the transaction, the director owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.58% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SUI. BlackRock Inc. acquired a new stake in Sun Communities in the 2nd quarter valued at about $1,649,715,000. Legal & General Group Plc grew its position in shares of Sun Communities by 6.4% during the fourth quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust's stock worth $133,895,000 after buying an additional 65,053 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Sun Communities during the second quarter worth approximately $3,805,000. Ilmarinen Mutual Pension Insurance Co acquired a new stake in Sun Communities in the fourth quarter valued at approximately $1,549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Sun Communities in the second quarter worth approximately $28,880,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

About Sun Communities

Sun Communities, Inc NYSE: SUI is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.

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