Sun Communities (NYSE:SUI) Downgraded by Evercore ISI

Evercore ISI downgraded shares of Sun Communities (NYSE:SUI) from an outperform rating to an inline rating in a report published on Monday, MarketBeat reports. The firm currently has $149.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $144.00.

A number of other brokerages also recently issued reports on SUI. StockNews.com downgraded shares of Sun Communities from a hold rating to a sell rating in a research note on Friday, August 9th. Robert W. Baird raised their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an outperform rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a report on Friday, August 2nd. Finally, Truist Financial increased their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a hold rating in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $140.91.

Sun Communities Trading Up 1.1 %

SUI stock opened at $144.63 on Monday. The company has a market capitalization of $18.03 billion, a PE ratio of 124.68, a price-to-earnings-growth ratio of 1.07 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 has a 52 week low of $102.74 and a 52 week high of $147.83. The company’s 50-day simple moving average is $132.73 and its 200 day simple moving average is $125.23.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at approximately $8,340,810.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sun Communities

Several large investors have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. bought a new stake in shares of Sun Communities during the 1st quarter worth $26,000. V Square Quantitative Management LLC bought a new stake in shares of Sun Communities during the 4th quarter worth $32,000. Quest Partners LLC raised its stake in shares of Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities during the 2nd quarter worth $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Sun Communities during the 1st quarter worth $83,000. 99.59% of the stock is currently owned by institutional investors.

About Sun Communities

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.