Sun Communities (NYSE:SUI) Stock Gets Price Target Reduction from Truist Financial

Sun Communities (NYSE:SUI) had its price objective decreased by Truist Financial from $136.00 to $129.00 in a report issued on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of Sun Communities from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. Wells Fargo & Company decreased their price target on shares of Sun Communities from $141.00 to $136.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Barclays dropped their target price on Sun Communities from $147.00 to $143.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Bank of America upgraded shares of Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 price target on the stock in a research report on Thursday, August 27th. Finally, Evercore reissued an “outperform” rating on shares of Sun Communities in a research note on Wednesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Sun Communities presently has an average rating of “Moderate Buy” and an average target price of $136.25.

Sun Communities Stock Up 0.8%

SUI stock opened at $122.18 on Tuesday. Sun Communities has a 12-month low of $109.77 and a 12-month high of $137.85. The company has a quick ratio of 4.68, a current ratio of 4.68 and a debt-to-equity ratio of 0.69. The company has a market cap of $14.58 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 6.14 and a beta of 0.75. The company has a 50 day moving average of $115.76 and a two-hundred day moving average of $123.31.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $2.35 EPS for the quarter, beating the consensus estimate of $2.30 by $0.05. Sun Communities had a negative net margin of 36.00% and a positive return on equity of 5.02%. The business had revenue of $558.20 million for the quarter, compared to analysts’ expectations of $563.59 million. During the same period in the previous year, the company posted $2.28 EPS. Sun Communities’s revenue was up .4% on a year-over-year basis. On average, equities analysts anticipate that Sun Communities will post 7.03 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $1.12 per share. The ex-dividend date was Wednesday, September 30th. This represents a $4.48 dividend on an annualized basis and a yield of 3.7%. Sun Communities’s payout ratio is currently -72.73%.

Institutional Investors Weigh In On Sun Communities

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Sun Communities during the second quarter valued at about $1,649,715,000. Canada Pension Plan Investment Board bought a new position in Sun Communities during the 2nd quarter worth approximately $156,841,000. Legal & General Group Plc bought a new position in Sun Communities during the 2nd quarter worth approximately $122,737,000. Deutsche Bank AG purchased a new position in Sun Communities in the 2nd quarter worth approximately $108,430,000. Finally, Bank of New York Mellon Corp purchased a new position in Sun Communities in the 2nd quarter worth approximately $82,662,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.