Sun Communities (NYSE:SUI) Sets New 52-Week Low – What’s Next?

Sun Communities, Inc. (NYSE:SUI) reached a new 52-week low on Thursday. The company traded as low as $109.83 and last traded at $109.97, with a volume of 19519 shares trading hands. The stock had previously closed at $110.78.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SUI. Wells Fargo & Company cut their price objective on Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Odeon Capital Group set a $135.00 target price on Sun Communities in a research report on Thursday, July 9th. Mizuho cut their target price on Sun Communities from $137.00 to $136.00 and set an “outperform” rating for the company in a research note on Monday, September 21st. Royal Bank Of Canada cut shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Truist Financial cut their price objective on shares of Sun Communities from $138.00 to $136.00 and set a “buy” rating for the company in a research note on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $139.30.

Sun Communities Price Performance

The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The firm’s fifty day moving average price is $119.23 and its 200-day moving average price is $122.98. The stock has a market cap of $13.43 billion, a P/E ratio of -15.51, a PEG ratio of 4.80 and a beta of 0.77.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $4.48 annualized dividend and a yield of 4.1%. Sun Communities’s dividend payout ratio is presently -63.19%.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds have recently modified their holdings of SUI. CIBC Asset Management Inc raised its stake in shares of Sun Communities by 2.1% during the fourth quarter. CIBC Asset Management Inc now owns 5,467 shares of the real estate investment trust’s stock valued at $677,000 after acquiring an additional 112 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Sun Communities by 31.1% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 590 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 140 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in Sun Communities by 2.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,940 shares of the real estate investment trust’s stock valued at $861,000 after purchasing an additional 140 shares during the period. V Square Quantitative Management LLC increased its holdings in Sun Communities by 36.7% during the 1st quarter. V Square Quantitative Management LLC now owns 548 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 147 shares during the period. Finally, Empowered Funds LLC raised its position in Sun Communities by 5.3% during the 1st quarter. Empowered Funds LLC now owns 3,456 shares of the real estate investment trust’s stock valued at $435,000 after purchasing an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc is a real estate investment trust that owns, operates and develops residential communities and recreational properties. Its portfolio primarily includes manufactured housing communities, recreational vehicle resorts and marinas.

The company provides housing and leisure-oriented accommodations through communities offering manufactured homes, seasonal and long-term RV sites, and related amenities. Its marina operations include wet slips, dry storage and other services for boat owners.

Founded in 1975, Sun Communities serves residents, vacationers and boaters across the United States, with additional operations in the United Kingdom.