Sun Communities (NYSE:SUI) Cut to "Hold" at Baird R W

Baird R W cut shares of Sun Communities (NYSE:SUI - Free Report) from a strong-buy rating to a hold rating in a report published on Thursday,Zacks.com reports.

Several other analysts have also issued reports on the stock. Truist Financial lifted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a "hold" rating in a research report on Tuesday, August 13th. Evercore ISI boosted their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a research note on Monday, October 21st. Jefferies Financial Group began coverage on Sun Communities in a report on Thursday, October 17th. They set a "buy" rating and a $160.00 target price for the company. UBS Group raised Sun Communities to a "strong-buy" rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company increased their price objective on Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Sun Communities presently has a consensus rating of "Hold" and an average price target of $141.82.

Sun Communities Price Performance

Shares of Sun Communities stock traded up $2.10 on Thursday, reaching $125.32. The company's stock had a trading volume of 1,432,645 shares, compared to its average volume of 828,355. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $15.62 billion, a P/E ratio of 67.37, a PEG ratio of 0.96 and a beta of 0.91. The stock has a 50-day moving average price of $135.52 and a 200-day moving average price of $126.75. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Monday, September 30th. Sun Communities's dividend payout ratio (DPR) is 202.15%.

Hedge Funds Weigh In On Sun Communities

Several institutional investors have recently modified their holdings of SUI. Bristlecone Advisors LLC boosted its stake in shares of Sun Communities by 2.4% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust's stock valued at $440,000 after buying an additional 85 shares during the period. Toronto Dominion Bank grew its holdings in Sun Communities by 0.8% during the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust's stock worth $1,434,000 after acquiring an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust's stock valued at $92,000 after purchasing an additional 102 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Sun Communities by 1.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust's stock worth $846,000 after purchasing an additional 115 shares during the last quarter. Finally, Avior Wealth Management LLC increased its holdings in Sun Communities by 3.0% in the third quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust's stock valued at $585,000 after buying an additional 125 shares during 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.