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

Sun Communities, Inc. (NYSE:SUI)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $127.92, but opened at $115.90. Sun Communities shares last traded at $125.1140, with a volume of 264,509 shares changing hands.

Analyst Ratings Changes

Several research firms have issued reports on SUI. Barclays restated an “overweight” rating and set a $144.00 target price on shares of Sun Communities in a research note on Tuesday, January 13th. Wall Street Zen raised Sun Communities from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Truist Financial lifted their price objective on Sun Communities from $141.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Deutsche Bank Aktiengesellschaft upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, January 20th. Finally, Robert W. Baird boosted their price target on Sun Communities from $134.00 to $136.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 19th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $137.46.

Sun Communities Stock Down 1.9%

The stock has a market cap of $15.52 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 4.20 and a beta of 0.90. The business’s fifty day moving average is $125.29 and its two-hundred day moving average is $125.71. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.58.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Wednesday, December 31st were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is presently 52.13%.

Insider Activity at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 156,875 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $123.53, for a total transaction of $19,378,768.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Clunet R. Lewis sold 4,000 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $126.24, for a total transaction of $504,960.00. Following the completion of the sale, the director directly owned 26,000 shares of the company’s stock, valued at $3,282,240. The trade was a 13.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.77% of the stock is currently owned by company insiders.

Institutional Trading of Sun Communities

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Sun Communities during the second quarter valued at approximately $925,926,000. Wellington Management Group LLP increased its position in shares of Sun Communities by 1,224.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock valued at $578,668,000 after purchasing an additional 4,147,015 shares during the period. Dodge & Cox raised its stake in shares of Sun Communities by 4.0% in the 2nd quarter. Dodge & Cox now owns 14,198,760 shares of the real estate investment trust’s stock worth $1,796,001,000 after buying an additional 550,940 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Sun Communities by 20,348.9% in the fourth quarter. M&T Bank Corp now owns 498,339 shares of the real estate investment trust’s stock valued at $61,749,000 after buying an additional 495,902 shares during the period. Finally, Millennium Management LLC grew its holdings in Sun Communities by 124.4% during the third quarter. Millennium Management LLC now owns 685,324 shares of the real estate investment trust’s stock worth $88,407,000 after acquiring an additional 379,877 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

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.