Sun Communities, Inc. (NYSE:SUI) Receives $136.27 Average Target Price from Brokerages

Sun Communities, Inc. (NYSE:SUI) has been assigned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $136.27.

A number of equities analysts have recently issued reports on the stock. Truist Financial cut their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research report on Monday, March 18th. JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. Compass Point increased their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Evercore ISI cut their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada lowered their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st.

Institutional Investors Weigh In On Sun Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUI. Norges Bank purchased a new stake in Sun Communities in the 4th quarter valued at about $576,397,000. Price T Rowe Associates Inc. MD increased its stake 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. JPMorgan Chase & Co. increased its stake in Sun Communities by 18.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after buying an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd purchased a new stake in Sun Communities in the 3rd quarter valued at about $104,406,000. Finally, Russell Investments Group Ltd. increased its stake in Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock valued at $177,638,000 after buying an additional 570,329 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

SUI stock opened at $117.85 on Thursday. The stock has a market capitalization of $14.69 billion, a PE ratio of 101.60, a price-to-earnings-growth ratio of 1.04 and a beta of 0.88. The company’s 50-day moving average is $117.66 and its 200-day moving average is $124.87. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.94 dividend. The ex-dividend date is Friday, June 28th. This represents a $3.76 annualized dividend and a yield of 3.19%. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

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.