Wall Street Zen Downgrades Sun Communities (NYSE:SUI) to Sell

Key Points

• Wall Street Zen downgraded Sun Communities from “hold” to “sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $139.98.
• Sun Communities shares opened at $123.75 and were down 0.5%, trading below their 200-day moving average of $126.43; the stock’s 52-week range is $115.90 to $137.85.
• Company insiders recently sold shares, including director Gary A. Shiffman’s $3.0 million sale and EVP Fernando Castro-Caratini’s $3.0 million sale, while institutional investors collectively own 99.59% of the stock.

Sun Communities (NYSE:SUI - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other analysts have also issued research reports about the stock. Truist Financial cut their price objective on shares of Sun Communities from $141.00 to $138.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Evercore reaffirmed an "outperform" rating and issued a $144.00 target price on shares of Sun Communities in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a research note on Thursday, May 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Sun Communities in a research report on Wednesday. Finally, Royal Bank Of Canada increased their price objective on shares of Sun Communities from $147.00 to $148.00 and gave the stock an "outperform" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.98.

Sun Communities Trading Down 0.5%

NYSE:SUI opened at $123.75 on Friday. Sun Communities has a twelve month low of $115.90 and a twelve month high of $137.85. The company has a quick ratio of 3.39, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $122.04 and a two-hundred day moving average price of $126.43. The company has a market cap of $15.07 billion, a P/E ratio of -17.45, a price-to-earnings-growth ratio of 4.06 and a beta of 0.79.

Insider Buying and Selling at Sun Communities

In related news, Director Gary A. Shiffman sold 25,031 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the transaction, the executive vice president owned 9,998 shares in the company, valued at approximately $1,244,051.14. The trade was a 70.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.58% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in Sun Communities by 17.8% during the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust's stock worth $1,554,000 after purchasing an additional 1,827 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Sun Communities by 21.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust's stock worth $25,128,000 after acquiring an additional 33,981 shares during the period. Empowered Funds LLC boosted its stake in shares of Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock worth $434,000 after acquiring an additional 829 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Sun Communities during the 1st quarter worth approximately $362,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Sun Communities by 26.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust's stock worth $85,000 after acquiring an additional 141 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Company Profile

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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