Sun Communities (NYSE:SUI) Stock Rating Upgraded by Bank of America

Sun Communities (NYSE:SUI) was upgraded by research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has a $140.00 price target on the real estate investment trust’s stock. Bank of America‘s price objective indicates a potential upside of 11.72% from the company’s current price.

Several other research firms have also weighed in on SUI. Truist Financial dropped their price objective on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating for the company in a report on Friday, June 26th. Morgan Stanley decreased their price target on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Wall Street Zen lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings cut Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $139.42.

Sun Communities Trading Down 0.5%

Shares of Sun Communities stock opened at $125.31 on Thursday. Sun Communities has a 12-month low of $115.90 and a 12-month high of $137.85. The stock has a market capitalization of $15.26 billion, a P/E ratio of -17.67, a price-to-earnings-growth ratio of 5.74 and a beta of 0.78. The company has a 50-day simple moving average of $121.16 and a 200 day simple moving average of $125.82. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70.

Insider Buying and Selling

In other news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the sale, the director directly owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.58% of the company’s stock.

Institutional Trading of Sun Communities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. AQR Capital Management LLC grew its position in shares of Sun Communities by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust’s stock worth $1,554,000 after buying an additional 1,827 shares during the period. Goldman Sachs Group Inc. boosted its stake in Sun Communities by 21.1% in the first quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust’s stock valued at $25,128,000 after acquiring an additional 33,981 shares during the last quarter. Empowered Funds LLC grew its holdings in Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust’s stock worth $434,000 after acquiring an additional 829 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Sun Communities in the 1st quarter valued at $362,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Sun Communities by 26.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 141 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

About Sun Communities

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.