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

Sun Communities, Inc. (NYSE:SUI) shares 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 traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SUI shares. BMO Capital Markets dropped their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their price target for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Sun Communities has a consensus rating of “Hold” and a consensus target price of $134.55.

Sun Communities Stock Up 0.3 %

The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $17.25 billion, a P/E ratio of 72.76 and a beta of 0.90. The company’s 50 day moving average price is $125.03 and its two-hundred day moving average price is $129.52.

Sun Communities Announces Dividend

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

Institutional Investors Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently modified their holdings of SUI. Cohen & Steers Inc. grew its holdings in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the period. Dodge & Cox grew its stake in shares of Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after acquiring an additional 3,644,853 shares during the period. FMR LLC raised its position in shares of Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock valued at $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank bought a new stake in shares of Sun Communities during the fourth quarter valued at approximately $888,783,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Sun Communities by 19.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after acquiring an additional 911,857 shares during the last quarter. 99.59% of the stock is currently 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.