UBS Group Downgrades Sun Communities (NYSE:SUI) to Neutral

UBS Group downgraded shares of Sun Communities (NYSE:SUI) from a buy rating to a neutral rating in a research report report published on Thursday morning, MarketBeat.com reports. UBS Group currently has $134.00 price target on the real estate investment trust’s stock, down from their prior price target of $155.00.

A number of other equities analysts have also commented on SUI. BMO Capital Markets dropped their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Truist Financial lifted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Evercore ISI lifted their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Baird R W lowered Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price target on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $139.08.

Sun Communities Price Performance

NYSE SUI opened at $125.16 on Thursday. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The stock’s 50-day moving average is $134.14 and its two-hundred day moving average is $127.11. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $15.94 billion, a P/E ratio of 67.29, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). The company had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Sun Communities’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the business earned $2.57 earnings per share. On average, analysts anticipate that Sun Communities will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s payout ratio is 202.15%.

Institutional Investors Weigh In On Sun Communities

A number of institutional investors have recently added to or reduced their stakes in the stock. Vestcor Inc boosted its holdings in Sun Communities by 36.9% during the third quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust’s stock valued at $394,000 after purchasing an additional 785 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Sun Communities by 84.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock worth $1,731,000 after acquiring an additional 5,861 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of Sun Communities in the 3rd quarter worth approximately $5,068,000. Quadrature Capital Ltd acquired a new position in shares of Sun Communities in the 3rd quarter worth approximately $2,386,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Sun Communities by 22.0% in the 3rd quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust’s stock worth $1,040,000 after acquiring an additional 1,390 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

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.