Sun Communities (NYSE:SUI) Sets New 52-Week Low – Here’s What Happened

Sun Communities, Inc. (NYSE:SUI)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $115.72 and last traded at $115.6850, with a volume of 179261 shares changing hands. The stock had previously closed at $117.65.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SUI shares. Barclays upped their target price on shares of Sun Communities from $146.00 to $147.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research note on Thursday, May 14th. Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a report on Thursday, July 9th. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Royal Bank Of Canada downgraded Sun Communities from a “moderate buy” rating to a “hold” rating in a report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Sun Communities currently has an average rating of “Moderate Buy” and a consensus price target of $139.42.

Sun Communities Trading Down 1.0%

The firm has a market capitalization of $14.19 billion, a PE ratio of -16.43, a P/E/G ratio of 5.45 and a beta of 0.77. The firm has a 50 day simple moving average of $121.39 and a 200 day simple moving average of $125.30. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $1.12 per share. The ex-dividend date is Wednesday, September 30th. This represents a $4.48 annualized dividend and a yield of 3.8%. Sun Communities’s dividend payout ratio is currently -63.19%.

Insider Activity

In other news, Director Gary Shiffman sold 25,031 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the sale, the director owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This trade represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.58% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sun Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in shares of Sun Communities by 13,665.2% during the 2nd quarter. California State Teachers Retirement System now owns 25,446,581 shares of the real estate investment trust’s stock valued at $3,051,300,000 after buying an additional 25,261,719 shares during the period. BlackRock Inc. purchased a new position in Sun Communities in the second quarter worth about $1,649,715,000. Norges Bank purchased a new position in Sun Communities in the fourth quarter worth about $753,364,000. State Street Corp grew its stake in shares of Sun Communities by 4.2% during the 3rd quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust’s stock valued at $699,862,000 after purchasing an additional 214,634 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Sun Communities by 12.4% during the 4th quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock valued at $624,490,000 after purchasing an additional 554,075 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.