Sun Communities (NYSE:SUI) Rating Lowered to “Hold” at Baird R W

Baird R W lowered shares of Sun Communities (NYSE:SUI) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on SUI. BMO Capital Markets decreased their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday. Jefferies Financial Group began coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target for the company. Truist Financial raised their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company raised their target price on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Sun Communities has an average rating of “Hold” and an average target price of $141.82.

Sun Communities Stock Performance

NYSE SUI traded up $1.78 on Thursday, reaching $125.00. The stock had a trading volume of 592,951 shares, compared to its average volume of 824,378. The business’s 50-day moving average price is $135.52 and its 200 day moving average price is $126.75. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83. The stock has a market cap of $15.58 billion, a P/E ratio of 67.37, a price-to-earnings-growth ratio of 0.96 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued 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 yield of 3.01%. Sun Communities’s dividend payout ratio is currently 202.15%.

Hedge Funds Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bristlecone Advisors LLC grew its stake in shares of Sun Communities by 2.4% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 85 shares during the last quarter. Toronto Dominion Bank increased its position in Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after purchasing an additional 98 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Sun Communities by 15.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after purchasing an additional 102 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in Sun Communities by 1.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after purchasing an additional 115 shares during the last quarter. Finally, Avior Wealth Management LLC raised its holdings in Sun Communities by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock worth $585,000 after acquiring an additional 125 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

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.