Sun Communities (NYSE:SUI) Shares Gap Down to $120.31

Shares of Sun Communities, Inc. (NYSE:SUI) gapped down prior to trading on Tuesday . The stock had previously closed at $120.31, but opened at $115.00. Sun Communities shares last traded at $114.94, with a volume of 194,189 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays decreased their price objective on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target for the company. Compass Point increased their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. Truist Financial decreased their price objective on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. Finally, BMO Capital Markets cut their target price on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus price target of $141.17.

Sun Communities Price Performance

The firm has a market capitalization of $14.03 billion, a PE ratio of 98.73, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The business’s 50 day moving average is $126.91 and its two-hundred day moving average is $125.47.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 3.34%. Sun Communities’s payout ratio is 329.83%.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares of the company’s stock, valued at $3,724,092. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock worth $912,460. Corporate insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its position in Sun Communities by 11.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 9,277 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 959 shares during the period. K.J. Harrison & Partners Inc grew its position in shares of Sun Communities by 9.3% in the 1st quarter. K.J. Harrison & Partners Inc now owns 47,795 shares of the real estate investment trust’s stock worth $6,145,000 after buying an additional 4,050 shares during the period. Yousif Capital Management LLC grew its position in shares of Sun Communities by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 6,417 shares of the real estate investment trust’s stock worth $825,000 after buying an additional 181 shares during the period. ZWJ Investment Counsel Inc. grew its position in shares of Sun Communities by 5.9% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 2,017 shares of the real estate investment trust’s stock worth $259,000 after buying an additional 112 shares during the period. Finally, Osborne Partners Capital Management LLC grew its position in shares of Sun Communities by 1.7% in the 1st quarter. Osborne Partners Capital Management LLC now owns 42,022 shares of the real estate investment trust’s stock worth $5,403,000 after buying an additional 688 shares during the period. 99.59% of the stock is owned by hedge funds and other 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.