Sun Communities, Inc. (NYSE:SUI) Receives $143.91 Average Price Target from Brokerages

Sun Communities, Inc. (NYSE:SUI) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $143.91.

A number of analysts have commented on the company. UBS Group upgraded Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Royal Bank of Canada raised their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price objective on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Jefferies Financial Group assumed coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company.

Sun Communities Price Performance

Shares of SUI stock opened at $130.31 on Wednesday. The stock has a 50 day moving average of $135.78 and a two-hundred day moving average of $126.43. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market capitalization of $16.25 billion, a P/E ratio of 151.53, a P/E/G ratio of 0.97 and a beta of 0.91.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. Sun Communities’s dividend payout ratio is 437.21%.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SUI. Price T Rowe Associates Inc. MD boosted its position in Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after buying an additional 1,105,306 shares during the last quarter. PGGM Investments boosted its position in Sun Communities by 159.9% in the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after buying an additional 767,126 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after buying an additional 424,842 shares during the last quarter. Hsbc Holdings PLC boosted its position in Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock valued at $42,754,000 after buying an additional 238,498 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in Sun Communities by 499.9% in the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock valued at $18,562,000 after buying an additional 131,641 shares during the last quarter. 99.59% of the stock is currently 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.