Sun Communities (NYSE:SUI) Cut to Neutral at UBS Group

Sun Communities (NYSE:SUI) was downgraded by research analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat reports. They currently have a $134.00 target price on the real estate investment trust’s stock, down from their previous target price of $155.00. UBS Group’s price objective would indicate a potential upside of 7.06% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. StockNews.com raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research report on Tuesday. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $147.00 to $114.00 in a research report on Tuesday. Truist Financial raised their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price for the company. Finally, Wells Fargo & Company raised their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report 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 assigned a buy rating to the stock. According to data from MarketBeat, Sun Communities has a consensus rating of “Hold” and an average target price of $139.08.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $125.16 on Thursday. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The stock has a market capitalization of $15.94 billion, a price-to-earnings ratio of 66.41, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91. The company has a fifty day moving average of $134.46 and a 200-day moving average of $126.96. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its quarterly 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 firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.57 EPS. Equities research analysts expect that Sun Communities will post 6.75 EPS for the current year.

Institutional Trading of Sun Communities

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vestcor Inc increased its stake in Sun Communities by 36.9% during the 3rd 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 increased its stake in Sun Communities by 84.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock valued at $1,731,000 after purchasing an additional 5,861 shares in the last quarter. Zimmer Partners LP bought a new stake in Sun Communities during the 3rd quarter valued at about $5,068,000. Quadrature Capital Ltd bought a new stake in Sun Communities during the 3rd quarter valued at about $2,386,000. Finally, Quantinno Capital Management LP increased its stake in Sun Communities by 22.0% during the 3rd quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust’s stock valued at $1,040,000 after purchasing an additional 1,390 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

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.