Sun Communities (NYSE:SUI) Price Target Raised to $137.00

Sun Communities (NYSE:SUI) had its price objective lifted by Royal Bank of Canada from $131.00 to $137.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. JMP Securities reissued a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a report on Thursday, May 2nd. StockNews.com raised shares of Sun Communities from a sell rating to a hold rating in a research note on Thursday. Finally, Evercore ISI lowered their target price on shares of Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $135.10.

Sun Communities Price Performance

Shares of NYSE SUI traded down $5.30 during mid-day trading on Friday, reaching $130.31. The company’s stock had a trading volume of 665,149 shares, compared to its average volume of 745,086. The stock has a 50-day moving average of $120.41 and a two-hundred day moving average of $123.37. The stock has a market capitalization of $16.24 billion, a P/E ratio of 113.35, a P/E/G ratio of 1.00 and a beta of 0.88. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. Sun Communities has a 1-year low of $102.74 and a 1-year high of $137.45.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. Sun Communities’s payout ratio is currently 324.14%.

Institutional Trading of Sun Communities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Evoke Wealth LLC acquired a new stake in Sun Communities during the fourth quarter worth approximately $5,594,000. Clearbridge Investments LLC grew its position in shares of Sun Communities by 12.3% during the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after acquiring an additional 33,382 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Sun Communities by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after acquiring an additional 33,795 shares during the last quarter. Strs Ohio grew its position in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after acquiring an additional 23,792 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its position in shares of Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after acquiring an additional 96,529 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

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.