Sun Communities (NYSE:SUI) Cut to Neutral at Robert W. Baird

Robert W. Baird downgraded shares of Sun Communities (NYSE:SUI - Free Report) from an outperform rating to a neutral rating in a research note released on Thursday, MarketBeat Ratings reports. The brokerage currently has $126.00 price target on the real estate investment trust's stock, down from their prior price target of $145.00.

A number of other brokerages have also recently issued reports on SUI. StockNews.com cut Sun Communities from a "hold" rating to a "sell" rating in a report on Friday, October 18th. UBS Group upgraded shares of Sun Communities to a "strong-buy" rating in a research report on Thursday, October 10th. Evercore ISI increased their target price on Sun Communities from $149.00 to $150.00 and gave the company an "in-line" rating in a research report on Monday, October 21st. Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a "buy" rating and a $160.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Sun Communities presently has a consensus rating of "Hold" and an average target price of $141.82.

Sun Communities Stock Down 6.5 %

SUI stock traded down $8.60 during mid-day trading on Thursday, hitting $123.16. 4,749,601 shares of the company were exchanged, compared to its average volume of 825,557. The firm has a market cap of $15.35 billion, a P/E ratio of 143.21, a P/E/G ratio of 0.95 and a beta of 0.91. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The firm's 50 day simple moving average is $135.52 and its 200 day simple moving average is $126.75. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.05%. The ex-dividend date was Monday, September 30th. Sun Communities's dividend payout ratio is presently 437.21%.

Institutional Investors Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently made changes to their positions in SUI. Price T Rowe Associates Inc. MD lifted its holdings in Sun Communities by 50.3% during the first 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. PGGM Investments increased its holdings in shares of Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust's stock valued at $150,033,000 after purchasing an additional 767,126 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust's stock worth $264,253,000 after acquiring an additional 424,842 shares during the period. Hsbc Holdings PLC raised its holdings in Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust's stock worth $42,754,000 after purchasing an additional 238,498 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Sun Communities by 499.9% during the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust's stock valued at $18,562,000 after buying an additional 131,641 shares in the last quarter. Hedge funds and other institutional investors 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.