Sun Communities (NYSE:SUI) Lowered to “Underperform” Rating by Bank of America

Bank of America cut shares of Sun Communities (NYSE:SUI) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. Bank of America currently has $114.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $147.00.

Other equities analysts have also issued research reports about the company. Truist Financial increased their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Royal Bank of Canada lowered their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. BMO Capital Markets reduced their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Jefferies Financial Group assumed 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, StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Sun Communities presently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Trading Up 0.9 %

Shares of SUI stock opened at $125.16 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The stock has a market capitalization of $15.94 billion, a P/E ratio of 66.41, a P/E/G ratio of 0.53 and a beta of 0.91. The stock has a 50-day simple moving average of $134.46 and a 200 day simple moving average of $126.96.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter last year, the business earned $2.57 EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, sell-side analysts expect that Sun Communities will post 6.75 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. Sun Communities’s dividend payout ratio is currently 202.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vestcor Inc lifted its stake in shares of Sun Communities by 36.9% in the third quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust’s stock worth $394,000 after buying an additional 785 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in Sun Communities by 84.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock worth $1,731,000 after acquiring an additional 5,861 shares during the last quarter. Zimmer Partners LP bought a new stake in Sun Communities during the third quarter valued at about $5,068,000. Quadrature Capital Ltd acquired a new stake in shares of Sun Communities in the third quarter valued at about $2,386,000. Finally, Quantinno Capital Management LP increased its stake in shares of Sun Communities by 22.0% in the third quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust’s stock worth $1,040,000 after purchasing an additional 1,390 shares during the period. 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.