Sun Communities (NYSE:SUI) Stock Price Breaks Above 50 Day Moving Average – Here’s Why

Sun Communities, Inc. (NYSE:SUI)’s share price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $116.07 and traded as high as $117.07. Sun Communities shares last traded at $116.9380, with a volume of 1,050,550 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Evercore reiterated an “outperform” rating on shares of Sun Communities in a research report on Wednesday, October 28th. Weiss Ratings upgraded shares of Sun Communities from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Morgan Stanley dropped their price target on shares of Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 12th. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Odeon Capital Group set a $135.00 price target on Sun Communities in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $136.72.

Sun Communities Stock Up 3.2%

The company has a market cap of $13.96 billion, a price-to-earnings ratio of -18.98, a price-to-earnings-growth ratio of 4.72 and a beta of 0.76. The stock has a 50-day simple moving average of $116.07 and a 200-day simple moving average of $123.43. The company has a current ratio of 4.68, a quick ratio of 2.52 and a debt-to-equity ratio of 0.69.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.05. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The company had revenue of $558.20 million for the quarter, compared to analyst estimates of $563.59 million. During the same period last year, the company earned $2.28 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts predict that Sun Communities, Inc. will post 7.01 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. Sun Communities’s dividend payout ratio is currently -72.73%.

Institutional Trading of Sun Communities

A number of hedge funds and other institutional investors have recently made changes to their positions in SUI. Provenance Wealth Advisors LLC boosted its holdings in shares of Sun Communities by 25,533.3% in the third quarter. Provenance Wealth Advisors LLC now owns 2,307 shares of the real estate investment trust’s stock valued at $256,000 after acquiring an additional 2,298 shares in the last quarter. Oregon Public Employees Retirement Fund bought a new stake in Sun Communities during the third quarter worth approximately $2,792,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in Sun Communities by 99.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 912,359 shares of the real estate investment trust’s stock worth $101,071,000 after purchasing an additional 455,613 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Sun Communities during the third quarter worth approximately $186,000. Finally, Profund Advisors LLC acquired a new stake in Sun Communities in the third quarter worth approximately $271,000. 99.59% of the stock is currently owned by institutional investors.

About Sun Communities

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.