Sun Communities (NYSE:SUI) Sets New 52-Week Low - Here's What Happened

Key Points

• Sun Communities shares hit a new 52-week low of $115.72, below the prior close of $117.65, and remained below both their 50-day and 200-day moving averages.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $139.42, despite some recent target adjustments.
• The REIT declared a quarterly dividend of $1.12 per share, equivalent to $4.48 annually and a 3.8% yield; institutional investors own 99.59% of the company’s stock.

Sun Communities, Inc. (NYSE:SUI - Get Free Report)'s share price reached a new 52-week low on Wednesday . The company traded as low as $115.72 and last traded at $115.6850, with a volume of 179261 shares. The stock had previously closed at $117.65.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Jefferies Financial Group upgraded shares of Sun Communities to a "strong-buy" rating in a research report on Wednesday, July 22nd. Bank of America upgraded Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price on the stock in a research note on Thursday, August 27th. Barclays boosted their price objective on Sun Communities from $146.00 to $147.00 and gave the stock an "overweight" rating in a report on Monday, August 17th. Deutsche Bank Aktiengesellschaft set a $133.00 target price on shares of Sun Communities in a research note on Thursday, May 14th. Finally, Mizuho cut their price target on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating for the company in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $139.42.

Sun Communities Stock Performance

The firm has a market cap of $14.19 billion, a P/E ratio of -16.43, a price-to-earnings-growth ratio of 5.45 and a beta of 0.77. 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 business's fifty day simple moving average is $121.39 and its 200-day simple moving average is $125.30.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $1.12 dividend. 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 3.8%. Sun Communities's dividend payout ratio (DPR) is presently -63.19%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the business's stock in a transaction 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 transaction, the director directly owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.58% of the company's stock.

Hedge Funds Weigh In On Sun Communities

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van Hulzen Asset Management LLC lifted its holdings in Sun Communities by 5.9% in the second quarter. Van Hulzen Asset Management LLC now owns 6,685 shares of the real estate investment trust's stock worth $802,000 after buying an additional 370 shares during the period. National Pension Service grew its holdings in shares of Sun Communities by 164.0% during the 2nd quarter. National Pension Service now owns 25,236 shares of the real estate investment trust's stock worth $3,026,000 after acquiring an additional 15,678 shares during the period. Engineers Gate Manager LP grew its holdings in shares of Sun Communities by 5,319.8% during the 2nd quarter. Engineers Gate Manager LP now owns 227,305 shares of the real estate investment trust's stock worth $27,256,000 after acquiring an additional 223,111 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Sun Communities in the 2nd quarter worth approximately $72,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Sun Communities by 377.5% in the 2nd quarter. NewEdge Advisors LLC now owns 7,263 shares of the real estate investment trust's stock valued at $871,000 after purchasing an additional 5,742 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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