Bank of America Downgrades Sun Communities (NYSE:SUI) to Underperform

Bank of America lowered shares of Sun Communities (NYSE:SUI) from a neutral rating to an underperform rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage 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 research analysts have also recently issued reports about the company. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. UBS Group upgraded shares of Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. Evercore ISI upped their price target on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Robert W. Baird cut 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 report 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 report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $139.08.

Sun Communities Trading Down 1.4 %

Shares of SUI opened at $124.08 on Tuesday. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The firm has a market cap of $15.81 billion, a price-to-earnings ratio of 66.71, a PEG ratio of 0.53 and a beta of 0.91. The firm has a 50 day moving average price of $134.73 and a 200-day moving average price of $126.98. 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) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter in the previous year, the business earned $2.57 EPS. Sun Communities’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities research analysts forecast that Sun Communities will post 6.75 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued 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 3.03%. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Sun Communities by 1,061.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after buying an additional 1,209,522 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after acquiring an additional 1,105,306 shares in the last quarter. PGGM Investments lifted its position in Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after acquiring an additional 767,126 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after acquiring an additional 424,842 shares in the last quarter. Hedge funds and other 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.