Sun Communities (NYSE:SUI) Hits New 1-Year Low – What’s Next?

Sun Communities, Inc. (NYSE:SUI)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $110.41 and last traded at $111.94, with a volume of 14935 shares changing hands. The stock had previously closed at $114.62.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SUI shares. Wells Fargo & Company decreased their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Tuesday. They issued a “buy” rating and a $150.00 price objective for the company. Truist Financial boosted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average price target of $137.40.

Sun Communities Stock Down 1.5 %

The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 60.65 and a beta of 0.84. The stock has a 50-day moving average of $128.35 and a 200-day moving average of $127.96. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million for the quarter, compared to analysts’ expectations of $724.68 million. As a group, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.33%. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Sun Communities by 8.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 84 shares in the last quarter. Cascade Investment Advisors Inc. increased its holdings in shares of Sun Communities by 0.8% in the fourth quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock valued at $1,276,000 after buying an additional 85 shares in the last quarter. Utah Retirement Systems lifted its position in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust’s stock valued at $2,521,000 after acquiring an additional 100 shares during the last quarter. Cetera Trust Company N.A boosted its stake in shares of Sun Communities by 6.0% during the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after acquiring an additional 105 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of Sun Communities by 17.2% in the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock worth $103,000 after acquiring an additional 123 shares during 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.