Sun Communities (NYSE:SUI) Sets New 12-Month Low – Here’s What Happened

Sun Communities, Inc. (NYSE:SUI) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $115.72 and last traded at $115.6850, with a volume of 179261 shares traded. The stock had previously closed at $117.65.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SUI shares. Morgan Stanley dropped their price target on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Bank of America raised Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 target price on the stock in a research report on Thursday, August 27th. Colliers Securities upgraded Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research note on Friday, May 22nd. Finally, Weiss Ratings downgraded shares of Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.42.

Sun Communities Stock Performance

The company has a market cap of $14.02 billion, a P/E ratio of -16.24, a PEG ratio of 5.29 and a beta of 0.77. 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 company has a 50 day moving average price of $121.13 and a 200-day moving average price of $125.10.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued 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 3.9%. Sun Communities’s payout ratio is presently -63.19%.

Insiders Place Their Bets

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the sale, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.58% of the stock is owned by company insiders.

Institutional Trading of Sun Communities

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fulcrum Asset Management LLP acquired a new position in Sun Communities during the third quarter worth about $27,000. Wiser Advisor Group LLC bought a new stake in shares of Sun Communities in the 3rd quarter worth approximately $46,000. Prosperity Bancshares Inc bought a new stake in Sun Communities during the fourth quarter worth approximately $48,000. Oslo Pensjonsforsikring AS acquired a new position in Sun Communities in the first quarter worth approximately $49,000. Finally, Allworth Financial LP increased its holdings in shares of Sun Communities by 141.6% in the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 252 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

About Sun Communities

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.