Sun Communities (NYSE:SUI) Cut to "Sell" at Wall Street Zen

Wall Street Zen lowered shares of Sun Communities (NYSE:SUI - Free Report) from a hold rating to a sell rating in a report released on Saturday.

SUI has been the subject of several other reports. Royal Bank Of Canada reduced their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Bank of America lifted their target price on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Robert W. Baird lowered their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Colliers Securities initiated coverage on shares of Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $138.33.

Sun Communities Stock Performance

Shares of SUI traded up $0.36 during mid-day trading on Friday, hitting $128.30. The stock had a trading volume of 431,670 shares, compared to its average volume of 847,193. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. The firm has a market cap of $16.38 billion, a P/E ratio of 206.93, a PEG ratio of 8.59 and a beta of 0.86. Sun Communities has a 52 week low of $109.22 and a 52 week high of $147.83. The business has a fifty day moving average price of $123.86 and a 200-day moving average price of $125.31.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. During the same quarter last year, the business earned $1.19 earnings per share. The company's quarterly revenue was up .2% on a year-over-year basis. On average, equities research analysts expect that Sun Communities will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Monday, June 30th. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is presently 606.45%.

Insiders Place Their Bets

In related news, Director Jeff Blau acquired 3,665 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the purchase, the director now owns 3,665 shares in the company, valued at $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sun Communities

Institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its stake in shares of Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 124 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Sun Communities by 4.4% during the 4th quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust's stock valued at $2,269,000 after purchasing an additional 772 shares during the last quarter. LPL Financial LLC lifted its holdings in Sun Communities by 22.3% in the 4th quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust's stock worth $3,143,000 after buying an additional 4,665 shares during the period. Freestone Grove Partners LP bought a new stake in shares of Sun Communities in the 4th quarter worth approximately $716,000. Finally, Yousif Capital Management LLC increased its stake in shares of Sun Communities by 4.2% during the first quarter. Yousif Capital Management LLC now owns 6,575 shares of the real estate investment trust's stock valued at $846,000 after buying an additional 263 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

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.