Sun Communities (NYSE:SUI) Shares Gap Up – Here’s What Happened

Sun Communities, Inc. (NYSE:SUI)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $126.07, but opened at $131.00. Sun Communities shares last traded at $132.10, with a volume of 294,178 shares.

Analysts Set New Price Targets

Several analysts have recently issued reports on SUI shares. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Wells Fargo & Company lowered their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $134.55.

Sun Communities Price Performance

The stock’s fifty day simple moving average is $125.03 and its 200 day simple moving average is $129.52. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $17.25 billion, a P/E ratio of 72.76 and a beta of 0.90.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Institutional Trading of Sun Communities

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp increased its position in Sun Communities by 11.6% during the 4th quarter. Mackenzie Financial Corp now owns 7,383 shares of the real estate investment trust’s stock valued at $908,000 after buying an additional 765 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of Sun Communities by 6.8% during the fourth quarter. Toronto Dominion Bank now owns 16,743 shares of the real estate investment trust’s stock worth $2,059,000 after acquiring an additional 1,061 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Sun Communities during the fourth quarter valued at about $279,000. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of Sun Communities in the 4th quarter valued at approximately $1,021,000. Finally, Neo Ivy Capital Management acquired a new stake in Sun Communities in the 4th quarter worth approximately $1,809,000. Hedge funds and other 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.