Sun Communities (NYSE:SUI) Shares Down 3.4% - Here's Why

Shares of Sun Communities, Inc. (NYSE:SUI - Get Free Report) were down 3.4% during trading on Monday . The stock traded as low as $129.20 and last traded at $129.29. Approximately 584,195 shares traded hands during trading, a decline of 27% from the average daily volume of 801,218 shares. The stock had previously closed at $133.89.

Analyst Upgrades and Downgrades

Several analysts recently commented on SUI shares. UBS Group raised shares of Sun Communities to a "strong-buy" rating in a research note on Thursday, October 10th. Royal Bank of Canada upped their price target on shares of Sun Communities from $131.00 to $137.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Robert W. Baird upped their price target on shares of Sun Communities from $144.00 to $145.00 and gave the company an "outperform" rating in a research report on Tuesday, September 3rd. Wells Fargo & Company upped their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research report on Thursday, September 19th. Finally, Evercore ISI upped their price target on shares of Sun Communities from $149.00 to $150.00 and gave the company an "in-line" rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $143.91.

Sun Communities Trading Down 1.4 %

The stock has a market cap of $16.45 billion, a price-to-earnings ratio of 154.64, a price-to-earnings-growth ratio of 0.98 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company's 50 day simple moving average is $135.83 and its two-hundred day simple moving average is $126.13.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.85%. Sun Communities's dividend payout ratio (DPR) is 437.21%.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.89% of the stock is currently owned by company insiders.

Institutional Trading of Sun Communities

Several large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust's stock worth $424,677,000 after buying an additional 1,105,306 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Sun Communities by 3.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust's stock worth $354,986,000 after buying an additional 111,569 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust's stock worth $264,253,000 after buying an additional 424,842 shares during the period. Centersquare Investment Management LLC boosted its holdings in shares of Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust's stock worth $279,259,000 after buying an additional 96,529 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Sun Communities by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust's stock worth $214,752,000 after buying an additional 10,592 shares during the period. 99.59% of the stock is owned by institutional investors.

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.

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