Sun Communities (NYSE:SUI) Rating Lowered to “Underperform” at Bank of America

Sun Communities (NYSE:SUI) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $114.00 target price on the real estate investment trust’s stock, down from their previous target price of $147.00. Bank of America‘s price target would suggest a potential downside of 9.44% from the stock’s previous close.

Several other research firms also recently issued reports on SUI. UBS Group raised Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Royal Bank of Canada dropped their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Wells Fargo & Company boosted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Finally, Truist Financial lifted their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Sun Communities currently has an average rating of “Hold” and an average price target of $139.50.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $125.89 on Tuesday. Sun Communities has a one year low of $110.98 and a one year high of $147.83. 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 company has a market cap of $16.04 billion, a price-to-earnings ratio of 66.59, a PEG ratio of 0.95 and a beta of 0.91. The firm has a 50 day simple moving average of $134.93 and a 200 day simple moving average of $126.99.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.57 earnings per share. Research analysts predict that Sun Communities will post 6.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bristlecone Advisors LLC boosted its position in shares of Sun Communities by 2.4% during the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 85 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Sun Communities by 0.8% in the second quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Sun Communities by 15.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock valued at $92,000 after acquiring an additional 102 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Sun Communities by 1.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock valued at $846,000 after acquiring an additional 115 shares in the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of Sun Communities by 3.0% during the third quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock worth $585,000 after purchasing an additional 125 shares during the period. 99.59% of the stock is owned by institutional investors.

About Sun Communities

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.