Sun Communities (NYSE:SUI) Stock Rating Lowered by UBS Group

UBS Group lowered shares of Sun Communities (NYSE:SUI - Free Report) from a buy rating to a neutral rating in a report published on Thursday, MarketBeat.com reports. The firm currently has $134.00 target price on the real estate investment trust's stock, down from their previous target price of $155.00.

Other equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Sun Communities from a "sell" rating to a "hold" rating in a research note on Tuesday. BMO Capital Markets dropped their price objective on Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. Truist Financial lifted their target price on Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group began coverage on Sun Communities in a research report on Thursday, October 17th. They set a "buy" rating and a $160.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $139.08.

Sun Communities Stock Performance

Sun Communities stock traded down $0.79 during trading hours on Thursday, reaching $125.10. 417,050 shares of the stock were exchanged, compared to its average volume of 830,393. The firm's 50 day moving average is $134.73 and its 200 day moving average is $126.98. The stock has a market cap of $15.94 billion, a P/E ratio of 67.28, a P/E/G ratio of 0.95 and a beta of 0.91. 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 has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the prior year, the firm earned $2.57 earnings per share. The company's revenue for the quarter was down 4.4% on a year-over-year basis. Analysts predict that Sun Communities will post 6.76 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 3.01%. Sun Communities's payout ratio is presently 202.15%.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently bought and sold shares of SUI. Empowered Funds LLC acquired a new stake in shares of Sun Communities in the first quarter valued at approximately $237,000. State Board of Administration of Florida Retirement System grew its stake in Sun Communities by 4.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 151,233 shares of the real estate investment trust's stock valued at $21,306,000 after buying an additional 6,746 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Sun Communities by 8.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust's stock worth $18,414,000 after purchasing an additional 11,195 shares during the period. Centersquare Investment Management LLC increased its stake in shares of Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust's stock worth $279,259,000 after purchasing an additional 96,529 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Sun Communities by 175.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 183,895 shares of the real estate investment trust's stock worth $23,264,000 after purchasing an additional 117,251 shares in 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.