Sun Communities (NYSE:SUI) Price Target Cut to $131.00 by Analysts at Truist Financial

Sun Communities (NYSE:SUI) had its price objective trimmed by Truist Financial from $138.00 to $131.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a hold rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. BMO Capital Markets dropped their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and dropped their price target for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Finally, Royal Bank of Canada dropped their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $137.08.

Sun Communities Stock Down 0.8 %

Shares of NYSE:SUI opened at $122.20 on Wednesday. The company has a market capitalization of $15.57 billion, a PE ratio of 65.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88. 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 business has a fifty day moving average price of $128.97 and a two-hundred day moving average price of $128.08. Sun Communities has a 1 year low of $110.98 and a 1 year high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business 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 for the quarter was down 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.57 EPS. Analysts forecast that Sun Communities will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.08%. Sun Communities’s payout ratio is currently 202.15%.

Institutional Trading of Sun Communities

Several institutional investors and hedge funds have recently modified their holdings of SUI. FMR LLC raised its holdings in shares of Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after acquiring an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Sun Communities by 1,061.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock valued at $178,868,000 after purchasing an additional 1,209,522 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Sun Communities by 24.0% during 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 purchasing an additional 424,842 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Sun Communities by 58.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after purchasing an additional 355,427 shares during the last quarter. Finally, Adelante Capital Management LLC increased its position in shares of Sun Communities by 168.7% during the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock valued at $75,566,000 after purchasing an additional 351,017 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.