Sun Communities (NYSE:SUI) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a report released on Saturday morning.

SUI has been the subject of a number of other reports. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Friday, May 22nd. Barclays reduced their price objective on Sun Communities from $147.00 to $146.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Evercore reaffirmed an “outperform” rating and set a $144.00 price objective on shares of Sun Communities in a report on Wednesday, April 29th. Truist Financial decreased their price objective on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Finally, Wells Fargo & Company lowered their target price on Sun Communities from $150.00 to $142.00 and set an “overweight” rating for the company in a research report on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of “Moderate Buy” and an average price target of $139.98.

Sun Communities Trading Down 0.5%

Shares of Sun Communities stock opened at $123.75 on Friday. The firm has a market cap of $15.07 billion, a price-to-earnings ratio of -17.45, a PEG ratio of 4.03 and a beta of 0.79. The business has a 50-day moving average price of $122.04 and a 200-day moving average price of $126.43. The company has a quick ratio of 3.39, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. Sun Communities has a twelve month low of $115.90 and a twelve month high of $137.85.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities’s dividend payout ratio is -63.19%.

Insider Activity

In other Sun Communities news, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the completion of the sale, the executive vice president owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This trade represents a 70.37% decrease in their ownership of the stock. 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 the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the transaction, 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 disclosure for this sale is available in the SEC filing. 1.58% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sun Communities

Several hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Sun Communities during the fourth quarter worth $753,364,000. State Street Corp boosted its stake in shares of Sun Communities by 4.2% during the third 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. Wellington Management Group LLP grew its holdings in shares of Sun Communities by 12.4% in the fourth quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust’s stock worth $624,490,000 after purchasing an additional 554,075 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Sun Communities by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust’s stock worth $288,937,000 after purchasing an additional 9,539 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Sun Communities by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust’s stock worth $228,280,000 after purchasing an additional 51,588 shares during the last quarter. 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.