Sun Communities, Inc. (NYSE:SUI) Receives $135.70 Consensus Price Target from Brokerages

Shares of Sun Communities, Inc. (NYSE:SUI) have been assigned an average recommendation of “Hold” from the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $135.70.

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Jefferies Financial Group initiated coverage on Sun Communities in a report on Tuesday, April 8th. They set a “buy” rating and a $150.00 target price on the stock. JMP Securities restated a “market outperform” rating and issued a $140.00 target price (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Finally, Truist Financial reduced their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th.

Sun Communities Stock Up 0.1 %

Shares of NYSE SUI opened at $123.42 on Wednesday. The company has a market cap of $15.75 billion, a price-to-earnings ratio of 66.35 and a beta of 0.84. Sun Communities has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average is $127.13 and its 200 day moving average is $126.82.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, equities research analysts expect that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.05%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Institutional Investors Weigh In On Sun Communities

A number of institutional investors have recently made changes to their positions in SUI. Virtu Financial LLC purchased a new stake in Sun Communities during the 3rd quarter valued at $1,564,000. Central Pacific Bank Trust Division boosted its position in shares of Sun Communities by 97.2% during the fourth quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust’s stock valued at $430,000 after buying an additional 1,725 shares during the last quarter. Nordea Investment Management AB increased its holdings in Sun Communities by 7.7% in the 4th quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust’s stock worth $1,307,000 after buying an additional 756 shares in the last quarter. First Hawaiian Bank raised its position in Sun Communities by 29.4% in the 4th quarter. First Hawaiian Bank now owns 22,440 shares of the real estate investment trust’s stock worth $2,759,000 after buying an additional 5,100 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its stake in Sun Communities by 4.4% during the 4th quarter. Park Avenue Securities LLC now owns 4,811 shares of the real estate investment trust’s stock valued at $592,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.