Sun Communities (NYSE:SUI) Stock Price Target Cut by Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Sun Communities’ price target from $148 to $140 while maintaining an “outperform” rating, implying 23.21% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $137.61, despite several recent target reductions.
• Sun Communities shares fell $0.83 to $113.63, near their 52-week low of $109.77; institutional investors own approximately 99.59% of the company’s stock.

Sun Communities (NYSE:SUI - Get Free Report) had its target price lowered by equities researchers at Royal Bank Of Canada from $148.00 to $140.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 23.21% from the stock's previous close.

Other research analysts have also issued reports about the company. Truist Financial lowered their price target on Sun Communities from $138.00 to $136.00 and set a "buy" rating on the stock in a report on Friday, September 11th. Morgan Stanley reduced their price objective on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Sun Communities from $142.00 to $141.00 and set an "overweight" rating for the company in a report on Monday, August 10th. UBS Group decreased their target price on shares of Sun Communities from $133.00 to $117.00 and set a "neutral" rating for the company in a research report on Tuesday, October 6th. Finally, Evercore set a $136.00 target price on shares of Sun Communities in a research note on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Sun Communities currently has an average rating of "Moderate Buy" and a consensus target price of $137.61.

Sun Communities Stock Performance

SUI traded down $0.83 during trading hours on Tuesday, hitting $113.63. The company's stock had a trading volume of 146,159 shares, compared to its average volume of 1,162,046. The company has a 50-day simple moving average of $117.44 and a 200 day simple moving average of $121.85. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $13.84 billion, a PE ratio of -16.01, a PEG ratio of 4.89 and a beta of 0.76. Sun Communities has a fifty-two week low of $109.77 and a fifty-two week high of $137.85.

Institutional Trading of Sun Communities

A number of hedge funds have recently bought and sold shares of SUI. CX Institutional increased 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 purchasing an additional 323 shares during the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Sun Communities during the 1st quarter worth $49,000. Avalon Trust Co bought a new stake in shares of Sun Communities during the 2nd quarter worth $61,000. V Square Quantitative Management LLC lifted its position in shares of 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 during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Sun Communities by 31.1% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 590 shares of the real estate investment trust's stock worth $73,000 after buying an additional 140 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

About Sun Communities

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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