Sun Communities (NYSE:SUI) Shares Gap Up – Still a Buy?

Sun Communities, Inc. (NYSE:SUI)’s share price gapped up prior to trading on Monday . The stock had previously closed at $126.07, but opened at $131.00. Sun Communities shares last traded at $132.10, with a volume of 294,178 shares.

Wall Street Analyst Weigh In

Several analysts have weighed in on SUI shares. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $155.00 to $134.00 in a research note on Thursday, November 14th. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Sun Communities has a consensus rating of “Hold” and an average target price of $134.55.

Sun Communities Trading Up 7.0 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market capitalization of $17.18 billion, a P/E ratio of 72.57 and a beta of 0.90. The firm’s fifty day simple moving average is $124.56 and its 200 day simple moving average is $129.46.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.79%. Sun Communities’s payout ratio is presently 202.15%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Legacy Trust acquired a new position in Sun Communities during the fourth quarter worth $625,000. Aurora Investment Managers LLC. raised its holdings in Sun Communities by 9.7% during the fourth quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after buying an additional 2,435 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after buying an additional 108,054 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Sun Communities by 6.9% during the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock worth $10,434,000 after buying an additional 5,008 shares during the last quarter. Finally, VCI Wealth Management LLC acquired a new position in Sun Communities during the fourth quarter worth $1,312,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

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.