Sun Communities (NYSE:SUI) Downgraded by Royal Bank Of Canada to Hold

Sun Communities (NYSE:SUI) was downgraded by equities researchers at Royal Bank Of Canada from a “moderate buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

SUI has been the subject of a number of other reports. Odeon Capital Group set a $135.00 price target on Sun Communities in a research note on Thursday, July 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Sun Communities in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on Sun Communities in a research report on Thursday, May 14th. Mizuho lowered their target price on Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.92.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $118.45 on Monday. The company has a market cap of $14.43 billion, a price-to-earnings ratio of -16.71, a PEG ratio of 3.93 and a beta of 0.78. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The firm has a 50 day simple moving average of $121.60 and a 200 day simple moving average of $126.16. Sun Communities has a one year low of $115.90 and a one year high of $137.85.

Insider Buying and Selling at Sun Communities

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the transaction, the executive vice president directly owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This trade represents a 70.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the transaction, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently made changes to their positions in SUI. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Sun Communities during the 2nd quarter valued at approximately $722,000. Tacita Capital Inc bought a new position in Sun Communities during the 2nd quarter worth approximately $1,743,000. NewEdge Wealth LLC acquired a new position in shares of Sun Communities in the 2nd quarter worth approximately $721,000. Danske Bank A S acquired a new position in shares of Sun Communities in the 2nd quarter worth approximately $8,874,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Sun Communities in the 2nd quarter worth approximately $262,000. 99.59% of the stock is owned by institutional investors and hedge funds.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.