Sun Communities (NYSE:SUI) Shares Gap Down – Here’s Why

Sun Communities, Inc. (NYSE:SUI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $127.92, but opened at $115.90. Sun Communities shares last traded at $125.1140, with a volume of 264,509 shares.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SUI shares. Wall Street Zen raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research report on Sunday, November 9th. Truist Financial lifted their price target on shares of Sun Communities from $141.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Barclays reiterated an “overweight” rating and set a $144.00 price objective on shares of Sun Communities in a report on Tuesday, January 13th. Wells Fargo & Company raised their price objective on Sun Communities from $132.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Monday, November 10th. Finally, Robert W. Baird upped their target price on Sun Communities from $134.00 to $136.00 and gave the company a “neutral” rating in a research report on Wednesday, November 19th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $137.46.

Sun Communities Stock Performance

The stock has a market cap of $15.56 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 4.07 and a beta of 0.90. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.58. The company’s 50-day simple moving average is $125.12 and its 200-day simple moving average is $125.70.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Wednesday, December 31st were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Wednesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is 52.13%.

Insider Buying and Selling at Sun Communities

In related news, Director Gary A. Shiffman sold 156,875 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.53, for a total transaction of $19,378,768.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Clunet R. Lewis sold 4,000 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $126.24, for a total value of $504,960.00. Following the sale, the director owned 26,000 shares of the company’s stock, valued at $3,282,240. This represents a 13.33% decrease in their position. The SEC filing for this sale provides additional information. 1.77% of the stock is currently owned by corporate insiders.

Institutional Trading of Sun Communities

A number of institutional investors have recently bought and sold shares of SUI. EverSource Wealth Advisors LLC grew its holdings in shares of Sun Communities by 13.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 773 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 90 shares in the last quarter. Americana Partners LLC purchased a new position in shares of Sun Communities during the 4th quarter worth $250,000. Van Hulzen Asset Management LLC boosted its holdings in shares of Sun Communities by 21.7% during the fourth quarter. Van Hulzen Asset Management LLC now owns 5,835 shares of the real estate investment trust’s stock worth $723,000 after purchasing an additional 1,040 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of Sun Communities by 294.9% in the fourth quarter. Global Retirement Partners LLC now owns 924 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 690 shares during the period. Finally, ABN Amro Investment Solutions acquired a new position in Sun Communities in the fourth quarter valued at $538,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

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.