Sun Communities (NYSE:SUI) Lowered to Hold Rating by Royal Bank Of Canada

Royal Bank Of Canada downgraded shares of Sun Communities (NYSE:SUI) from a moderate buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Sun Communities in a report on Wednesday, July 29th. Evercore restated an “outperform” rating and set a $144.00 price target on shares of Sun Communities in a report on Wednesday, April 29th. Barclays dropped their price target on shares of Sun Communities from $147.00 to $146.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Colliers Securities upgraded shares of Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Friday, May 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Sun Communities has an average rating of “Moderate Buy” and a consensus price target of $139.92.

Sun Communities Trading Down 1.7%

Shares of NYSE SUI opened at $118.45 on Monday. Sun Communities has a 1 year low of $115.90 and a 1 year high of $137.85. The stock has a market cap of $14.43 billion, a P/E ratio of -16.71, a price-to-earnings-growth ratio of 3.93 and a beta of 0.78. The firm has a 50-day moving average of $121.60 and a 200 day moving average of $126.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities’s dividend payout ratio (DPR) is presently -63.19%.

Insider Transactions at Sun Communities

In other news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the completion of the sale, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. The trade was a 70.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the transaction, the director owned 857,761 shares in the company, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.58% of the company’s stock.

Hedge Funds Weigh In On Sun Communities

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Sun Communities by 9.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,003 shares of the real estate investment trust’s stock valued at $127,000 after acquiring an additional 84 shares during the last quarter. IFP Advisors Inc boosted its position in Sun Communities by 3.2% in the fourth quarter. IFP Advisors Inc now owns 2,902 shares of the real estate investment trust’s stock worth $360,000 after purchasing an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Sun Communities by 13.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 773 shares of the real estate investment trust’s stock valued at $96,000 after purchasing an additional 90 shares during the period. CIBC Asset Management Inc grew its stake in shares of Sun Communities by 2.1% during the 4th quarter. CIBC Asset Management Inc now owns 5,467 shares of the real estate investment trust’s stock valued at $677,000 after purchasing an additional 112 shares during the period. Finally, Orion Porfolio Solutions LLC increased its position in shares of Sun Communities by 1.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 9,335 shares of the real estate investment trust’s stock valued at $1,181,000 after purchasing an additional 117 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.