Sun Communities (NYSE:SUI) Sets New 1-Year Low - Should You Sell?

Key Points

• Sun Communities shares hit a new 52-week low, trading as low as $112.28 and down 1.2% from the prior close.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $139.30, despite several recent target and rating downgrades.
• The company declared a quarterly dividend of $1.12 per share, equivalent to an annualized $4.48 payout and a 4.0% yield; institutional investors own 99.59% of outstanding shares.

Sun Communities, Inc. (NYSE:SUI - Get Free Report)'s share price reached a new 52-week low on Thursday . The company traded as low as $112.28 and last traded at $112.3860, with a volume of 916404 shares traded. The stock had previously closed at $113.77.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SUI. Mizuho dropped their target price on Sun Communities from $137.00 to $136.00 and set an "outperform" rating on the stock in a research note on Monday. Wells Fargo & Company lowered their price target on Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Weiss Ratings lowered Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research note on Wednesday, August 12th. Royal Bank Of Canada lowered Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Finally, Jefferies Financial Group raised shares of Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.30.

Sun Communities Trading Down 1.2%

The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The stock has a 50-day simple moving average of $120.11 and a 200 day simple moving average of $123.84. The company has a market cap of $13.69 billion, a price-to-earnings ratio of -15.85, a PEG ratio of 5.19 and a beta of 0.77.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $4.48 dividend on an annualized basis and a yield of 4.0%. Sun Communities's dividend payout ratio (DPR) is currently -63.19%.

Institutional Trading of Sun Communities

Several large investors have recently made changes to their positions in SUI. BlackRock Inc. purchased a new stake in Sun Communities in the second quarter valued at $1,649,715,000. Norges Bank acquired a new position in shares of Sun Communities in the 4th quarter valued at about $753,364,000. Canada Pension Plan Investment Board acquired a new position in shares of Sun Communities in the 2nd quarter valued at about $156,841,000. Legal & General Group Plc purchased a new stake in shares of Sun Communities in the second quarter worth about $122,737,000. Finally, Deutsche Bank AG purchased a new stake in shares of Sun Communities in the second quarter worth about $108,430,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

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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