Sun Communities (NYSE:SUI) Cut to Underperform at Bank of America

Bank of America cut shares of Sun Communities (NYSE:SUI) from a neutral rating to an underperform rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has $114.00 price target on the real estate investment trust’s stock, down from their prior price target of $147.00.

Several other research firms have also issued reports on SUI. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. Truist Financial upped their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. BMO Capital Markets dropped their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada dropped their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus price target of $139.08.

Sun Communities Stock Performance

Shares of SUI opened at $125.16 on Tuesday. The business’s 50 day moving average is $134.46 and its two-hundred day moving average is $126.96. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 66.41, a PEG ratio of 0.53 and a beta of 0.91. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same period in the previous year, the company earned $2.57 earnings per share. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. Analysts forecast that Sun Communities will post 6.75 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. Sun Communities’s payout ratio is 202.15%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. grew its stake in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Sun Communities in the third quarter worth $41,000. Quest Partners LLC boosted its stake in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Sun Communities during the third quarter valued at about $60,000. Finally, 1620 Investment Advisors Inc. bought a new position in Sun Communities during the second quarter valued at about $62,000. Institutional investors 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.