Sun Communities (NYSE:SUI) Given New $143.00 Price Target at Barclays

Key Points

• Barclays lowered Sun Communities’ price target to $143 from $147 while maintaining an “overweight” rating, implying approximately 26.27% upside from the prior close.
• Analyst sentiment remains favorable overall, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $137.36, despite several recent target reductions.
• Sun Communities shares opened at $113.25, while institutional investors own a substantial 99.59% of the company’s outstanding stock.

Sun Communities (NYSE:SUI - Get Free Report) had its price objective cut by stock analysts at Barclays from $147.00 to $143.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Barclays's target price suggests a potential upside of 26.27% from the company's previous close.

A number of other brokerages also recently commented on SUI. Bank of America upgraded shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price target for the company in a report on Thursday, August 27th. Truist Financial dropped their price objective on Sun Communities from $138.00 to $136.00 and set a "buy" rating for the company in a report on Friday, September 11th. Royal Bank Of Canada reduced their target price on Sun Communities from $148.00 to $140.00 and set an "outperform" rating on the stock in a report on Tuesday. Mizuho dropped their target price on shares of Sun Communities from $137.00 to $136.00 and set an "outperform" rating for the company in a research report on Monday, September 21st. Finally, Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $137.36.

Sun Communities Trading Up 0.3%

Shares of SUI opened at $113.25 on Wednesday. The firm has a 50 day simple moving average of $117.27 and a 200-day simple moving average of $121.74. The stock has a market cap of $13.79 billion, a price-to-earnings ratio of -15.95, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. Sun Communities has a 1-year low of $109.77 and a 1-year high of $137.85.

Institutional Investors Weigh In On Sun Communities

A number of hedge funds have recently added to or reduced their stakes in SUI. CX Institutional raised its stake in shares of Sun Communities by 1,076.7% in the 3rd quarter. CX Institutional now owns 353 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 323 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new stake in Sun Communities during the first quarter worth about $49,000. Avalon Trust Co acquired a new position in Sun Communities in the second quarter worth $61,000. V Square Quantitative Management LLC lifted its position in Sun Communities by 36.7% during the 1st quarter. V Square Quantitative Management LLC now owns 548 shares of the real estate investment trust's stock worth $69,000 after buying an additional 147 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Sun Communities in the 2nd quarter valued at about $72,000. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Company Profile

Sun Communities, Inc is a real estate investment trust that owns, operates and develops residential communities and recreational properties. Its portfolio primarily includes manufactured housing communities, recreational vehicle resorts and marinas.

The company provides housing and leisure-oriented accommodations through communities offering manufactured homes, seasonal and long-term RV sites, and related amenities. Its marina operations include wet slips, dry storage and other services for boat owners.

Founded in 1975, Sun Communities serves residents, vacationers and boaters across the United States, with additional operations in the United Kingdom.

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