Sun Communities (NYSE:SUI) Price Target Raised to $150.00

Sun Communities (NYSE:SUI) had its price objective lifted by Evercore ISI from $149.00 to $150.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an in-line rating on the real estate investment trust’s stock.

A number of other brokerages also recently issued reports on SUI. Robert W. Baird upped their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Truist Financial boosted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Wells Fargo & Company raised their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Jefferies Financial Group started coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price on the stock. Finally, StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Sun Communities currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.91.

Sun Communities Price Performance

Shares of NYSE SUI opened at $139.10 on Monday. The company has a market capitalization of $17.34 billion, a PE ratio of 119.91, a PEG ratio of 1.00 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $135.64 and its 200-day moving average price is $126.00. Sun Communities has a twelve month low of $102.74 and a twelve month high of $147.83.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.94 dividend. 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 2.70%. Sun Communities’s dividend payout ratio is 324.14%.

Insiders Place Their Bets

In other news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at approximately $8,340,810.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Sun Communities by 5.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,338 shares of the real estate investment trust’s stock valued at $862,000 after acquiring an additional 308 shares during the period. Osborne Partners Capital Management LLC lifted its stake in Sun Communities by 0.4% in the 3rd quarter. Osborne Partners Capital Management LLC now owns 43,757 shares of the real estate investment trust’s stock worth $5,914,000 after purchasing an additional 181 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Sun Communities by 13,314.2% in the 3rd quarter. International Assets Investment Management LLC now owns 17,975 shares of the real estate investment trust’s stock valued at $2,429,000 after purchasing an additional 17,841 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in shares of Sun Communities by 2.7% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 89,261 shares of the real estate investment trust’s stock valued at $12,063,000 after purchasing an additional 2,352 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in shares of Sun Communities by 2.7% in the third quarter. Whittier Trust Co. now owns 211,431 shares of the real estate investment trust’s stock worth $28,574,000 after purchasing an additional 5,648 shares during the period. 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.