Sun Communities (NYSE:SUI) Raised to "Hold" at Wall Street Zen

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

SUI has been the subject of a number of other research reports. Barclays initiated coverage on Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective for the company. Robert W. Baird cut their price objective 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. Truist Financial lowered their target price on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Bank of America increased their price target on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Finally, Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Sun Communities currently has an average rating of "Hold" and an average price target of $139.09.

Sun Communities Price Performance

Shares of NYSE SUI traded up $0.54 during trading on Friday, reaching $123.55. The company had a trading volume of 62,196 shares, compared to its average volume of 788,886. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $15.77 billion, a PE ratio of 66.42 and a beta of 0.86. Sun Communities has a twelve month low of $109.22 and a twelve month high of $147.83. The stock has a 50-day moving average price of $123.27 and a two-hundred day moving average price of $125.49.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm's revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the company earned $1.19 EPS. As a group, sell-side analysts predict that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is 606.45%.

Institutional Investors Weigh In On Sun Communities

Hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after buying an additional 108,054 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 124 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Sun Communities by 4.4% in the 4th quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust's stock worth $2,269,000 after purchasing an additional 772 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Sun Communities by 6.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,782 shares of the real estate investment trust's stock valued at $4,277,000 after purchasing an additional 2,124 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Sun Communities by 20.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust's stock worth $192,000 after acquiring an additional 267 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

About Sun Communities

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.