Sun Communities (NYSE:SUI) Sets New 52-Week Low - What's Next?

Sun Communities, Inc. (NYSE:SUI - Get Free Report)'s stock price reached a new 52-week low on Wednesday . The company traded as low as $110.41 and last traded at $111.94, with a volume of 14935 shares changing hands. The stock had previously closed at $114.62.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Truist Financial cut their price target on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $136.70.

Sun Communities Trading Up 1.6 %

The business has a 50 day moving average of $127.89 and a two-hundred day moving average of $127.47. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 65.85 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Equities analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

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Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.07%. Sun Communities's payout ratio is 508.11%.

Institutional Trading of Sun Communities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. Legacy Trust purchased a new position in shares of Sun Communities during the fourth quarter valued at approximately $625,000. Aurora Investment Managers LLC. boosted its holdings in Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock worth $3,380,000 after acquiring an additional 2,435 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Sun Communities by 16.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after acquiring an additional 108,054 shares in the last quarter. VCI Wealth Management LLC bought a new stake in shares of Sun Communities in the 4th quarter worth $1,312,000. Finally, Vert Asset Management LLC raised its holdings in shares of Sun Communities by 9.9% in the fourth quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust's stock valued at $6,897,000 after purchasing an additional 5,060 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

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.