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

Sun Communities, Inc. (NYSE:SUI) gapped down before the market opened 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.

Analyst Ratings Changes

Several brokerages have commented on SUI. Barclays decreased their target price on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. BMO Capital Markets lowered their price objective on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. JMP Securities restated a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. Truist Financial decreased their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research report on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $138.92.

Sun Communities Trading Up 1.3 %

The company has a 50 day moving average of $126.11 and a 200 day moving average of $125.43. The firm has a market cap of $14.05 billion, a P/E ratio of 97.19, a PEG ratio of 1.00 and a beta of 0.83. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a $0.94 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s payout ratio is currently 324.14%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was 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 owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sun Communities

Hedge funds have recently made changes to their positions in the company. Farmers & Merchants Investments Inc. acquired a new stake in shares of Sun Communities during the first quarter worth approximately $26,000. Lindbrook Capital LLC grew its position in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 125 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at $32,000. CKW Financial Group bought a new position in shares of Sun Communities in the first quarter valued at about $38,000. Finally, Quest Partners LLC bought a new position in shares of Sun Communities in the fourth quarter worth about $51,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

About Sun Communities

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.