Sun Communities (NYSE:SUI) Stock Price Breaks Above 50 Day Moving Average - Here's Why

Key Points

• Sun Communities shares rose above their 50-day moving average, trading as high as $117.07 compared with the $116.07 average, though the stock remained below its 200-day average of $123.43.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $136.72; however, Morgan Stanley and Wells Fargo recently lowered their targets.
• The REIT exceeded quarterly EPS expectations, reporting $2.35 versus the $2.30 consensus, while revenue rose 0.4% year over year to $558.2 million. It also maintains a quarterly dividend of $1.12, equivalent to a 3.8% annualized yield.

Sun Communities, Inc. (NYSE:SUI - Get Free Report) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $116.07 and traded as high as $117.07. Sun Communities shares last traded at $116.9380, with a volume of 1,050,550 shares traded.

Wall Street Analyst Weigh In

SUI has been the topic of several recent analyst reports. Morgan Stanley cut their price target on Sun Communities from $135.00 to $126.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 12th. Odeon Capital Group set a $135.00 price objective on Sun Communities in a research note on Thursday, July 9th. Weiss Ratings upgraded Sun Communities from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, October 23rd. Evercore restated an "outperform" rating on shares of Sun Communities in a report on Wednesday, October 28th. Finally, Wells Fargo & Company cut their target price on Sun Communities from $141.00 to $136.00 and set an "overweight" rating on the stock in a research report on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $136.72.

Sun Communities Stock Performance

The company's fifty day simple moving average is $116.07 and its two-hundred day simple moving average is $123.43. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of -18.98, a price-to-earnings-growth ratio of 4.72 and a beta of 0.76. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.52 and a current ratio of 4.68.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.30 by $0.05. Sun Communities had a negative net margin of 36.00% and a positive return on equity of 5.02%. The business had revenue of $558.20 million for the quarter, compared to analyst estimates of $563.59 million. During the same quarter in the prior year, the business posted $2.28 EPS. The company's revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that Sun Communities, Inc. will post 7.01 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Sun Communities's payout ratio is currently -72.73%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SUI. Gibbs Wealth Management lifted its holdings in shares of Sun Communities by 3.7% in the 3rd quarter. Gibbs Wealth Management now owns 2,547 shares of the real estate investment trust's stock worth $282,000 after purchasing an additional 90 shares during the last quarter. Capital Square LLC boosted its position in Sun Communities by 1.8% during the 3rd quarter. Capital Square LLC now owns 7,898 shares of the real estate investment trust's stock valued at $875,000 after purchasing an additional 136 shares during the period. V Square Quantitative Management LLC boosted its position in Sun Communities by 36.7% during the 1st quarter. V Square Quantitative Management LLC now owns 548 shares of the real estate investment trust's stock valued at $69,000 after purchasing an additional 147 shares during the period. Empowered Funds LLC grew its stake in Sun Communities by 5.3% during the 1st quarter. Empowered Funds LLC now owns 3,456 shares of the real estate investment trust's stock worth $435,000 after buying an additional 175 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in Sun Communities by 1.9% during the 1st quarter. Cetera Investment Advisers now owns 10,629 shares of the real estate investment trust's stock worth $1,339,000 after buying an additional 199 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

About Sun Communities

Sun Communities, Inc NYSE: SUI is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.

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