Sun Communities (NYSE:SUI) Downgraded to Neutral Rating by UBS Group

UBS Group lowered shares of Sun Communities (NYSE:SUI) from a buy rating to a neutral rating in a research report released on Thursday morning, Marketbeat.com reports. The brokerage currently has $134.00 target price on the real estate investment trust’s stock, down from their prior target price of $155.00.

A number of other equities research analysts also recently weighed in on the stock. 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 target on the stock. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. BMO Capital Markets reduced their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $139.08.

Sun Communities Price Performance

SUI traded up $1.29 on Thursday, hitting $125.38. 288,313 shares of the stock were exchanged, compared to its average volume of 830,132. The firm has a market capitalization of $15.97 billion, a price-to-earnings ratio of 66.41, a PEG ratio of 0.53 and a beta of 0.91. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. The business has a 50-day moving average of $134.46 and a two-hundred day moving average of $126.96.

Sun Communities (NYSE:SUI) last issued 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). The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business’s revenue was down 4.4% on a year-over-year basis. During the same period last year, the company posted $2.57 EPS. Sell-side analysts forecast that Sun Communities will post 6.75 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.94 per share. The ex-dividend date 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 (DPR) is presently 202.15%.

Hedge Funds Weigh In On Sun Communities

Institutional investors have recently modified their holdings of the company. Empowered Funds LLC purchased a new stake in shares of Sun Communities in the first quarter worth approximately $237,000. State Board of Administration of Florida Retirement System grew its stake in shares of Sun Communities by 4.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 151,233 shares of the real estate investment trust’s stock worth $21,306,000 after acquiring an additional 6,746 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position 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 acquiring an additional 11,195 shares in the last quarter. Centersquare Investment Management LLC increased its position 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 valued at $279,259,000 after buying an additional 96,529 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Sun Communities by 175.9% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 183,895 shares of the real estate investment trust’s stock valued at $23,264,000 after purchasing an additional 117,251 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

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.