Sun Communities, Inc. (NYSE:SUI) Receives $139.92 Average PT from Analysts

Sun Communities, Inc. (NYSE:SUI) has earned a consensus rating of “Moderate Buy” from the sixteen analysts that are currently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $139.3167.

Several research analysts have recently weighed in on SUI shares. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on Sun Communities in a research report on Thursday, May 14th. Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Friday, May 22nd. Evercore reaffirmed an “outperform” rating and set a $144.00 target price on shares of Sun Communities in a research note on Wednesday, April 29th. Barclays lowered their target price on Sun Communities from $147.00 to $146.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Finally, Wells Fargo & Company dropped their price target on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research note on Monday.

Sun Communities Trading Up 1.7%

NYSE:SUI opened at $120.32 on Tuesday. Sun Communities has a 52 week low of $115.90 and a 52 week high of $137.85. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The firm’s fifty day moving average is $121.45 and its 200-day moving average is $126.02. The firm has a market cap of $14.66 billion, a P/E ratio of -16.97, a P/E/G ratio of 3.86 and a beta of 0.78.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Sun Communities’s payout ratio is currently -63.19%.

Insiders Place Their Bets

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the transaction, the executive vice president directly owned 9,998 shares of the company’s stock, valued at $1,244,051.14. This represents a 70.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gary A. Shiffman sold 25,031 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the sale, the director owned 857,761 shares of the company’s stock, valued at $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.58% of the stock is owned by insiders.

Hedge Funds Weigh In On Sun Communities

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Sun Communities in the 2nd quarter valued at about $1,649,715,000. Norges Bank bought a new position in Sun Communities in the fourth quarter worth approximately $753,364,000. Wellington Management Group LLP boosted its holdings in Sun Communities by 1,224.1% in the third quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock worth $578,668,000 after acquiring an additional 4,147,015 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sun Communities by 37,933.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust’s stock valued at $182,663,000 after acquiring an additional 1,470,286 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Sun Communities in the second quarter valued at approximately $108,430,000. Institutional investors own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.