Sun Communities (NYSE:SUI) Given New $132.00 Price Target at Bank of America

Sun Communities (NYSE:SUI) had its price target raised by Bank of America from $124.00 to $132.00 in a report released on Monday,Benzinga reports. Bank of America currently has an underperform rating on the real estate investment trust’s stock.

Other analysts have also issued reports about the company. Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Royal Bank of Canada dropped their price objective on Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a report on Wednesday, May 7th. Robert W. Baird lowered their price target on Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $140.00 price target (down from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Sun Communities currently has a consensus rating of “Hold” and a consensus price target of $138.70.

Sun Communities Stock Down 4.3%

Shares of SUI opened at $119.01 on Monday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a 12 month low of $109.22 and a 12 month high of $147.83. The stock’s 50 day moving average is $125.48 and its two-hundred day moving average is $126.15. The firm has a market cap of $15.19 billion, a P/E ratio of 63.98 and a beta of 0.86.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same period last year, the company earned $1.19 earnings per share. Sun Communities’s quarterly revenue was up .2% compared to the same quarter last year. Analysts predict that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.16%. Sun Communities’s payout ratio is 606.45%.

Hedge Funds Weigh In On Sun Communities

Institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new position in Sun Communities during the first quarter worth approximately $29,000. Aster Capital Management DIFC Ltd lifted its position in Sun Communities by 263.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 232 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new position in Sun Communities during the first quarter worth approximately $42,000. Smartleaf Asset Management LLC lifted its position in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares in the last quarter. Finally, CKW Financial Group lifted its position in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors 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.