Sun Communities (NYSE:SUI) Cut to “Inline” at Evercore ISI

Evercore ISI cut shares of Sun Communities (NYSE:SUI) from an outperform rating to an inline rating in a research report released on Monday, Marketbeat Ratings reports. They currently have $149.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $144.00.

SUI has been the topic of a number of other reports. Truist Financial boosted their price objective on Sun Communities from $127.00 to $138.00 and gave the company a hold rating in a research note on Tuesday, August 13th. Royal Bank of Canada lifted their target price on Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a report on Friday, August 2nd. StockNews.com lowered Sun Communities from a hold rating to a sell rating in a report on Friday, August 9th. Finally, Robert W. Baird lifted their target price on Sun Communities from $144.00 to $145.00 and gave the company an outperform rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Sun Communities has an average rating of Hold and a consensus target price of $140.91.

Sun Communities Trading Up 1.1 %

Shares of Sun Communities stock opened at $144.63 on Monday. Sun Communities has a 52-week low of $102.74 and a 52-week high of $147.83. The stock’s 50-day simple moving average is $132.73 and its 200 day simple moving average is $125.23. The stock has a market capitalization of $18.03 billion, a P/E ratio of 124.68, a P/E/G ratio of 1.07 and a beta of 0.91. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s payout ratio is 324.14%.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.89% of the stock is owned by insiders.

Institutional Trading of Sun Communities

A number of hedge funds have recently bought and sold shares of the company. Farmers & Merchants Investments Inc. bought a new stake in Sun Communities in the first quarter valued at approximately $26,000. V Square Quantitative Management LLC bought a new position in shares of Sun Communities during the fourth quarter valued at approximately $32,000. Quest Partners LLC bought a new position in shares of Sun Communities during the fourth quarter valued at approximately $51,000. 1620 Investment Advisors Inc. purchased a new stake in Sun Communities in the second quarter worth $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in Sun Communities in the first quarter worth $83,000. 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.