Bank of America Issues Positive Forecast for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI - Get Free Report) had its price target hoisted by investment analysts at Bank of America from $124.00 to $132.00 in a report released on Monday,Benzinga reports. The firm presently has an "underperform" rating on the real estate investment trust's stock. Bank of America's price target would indicate a potential upside of 6.34% from the company's previous close.

SUI has been the subject of a number of other reports. Royal Bank of Canada cut their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. JMP Securities reissued a "market outperform" rating and issued a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price for the company. Robert W. Baird decreased their price target on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday. Finally, Truist Financial decreased 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $138.70.

Sun Communities Stock Performance

Shares of Sun Communities stock traded down $1.33 on Monday, reaching $124.14. The stock had a trading volume of 95,020 shares, compared to its average volume of 831,348. The business's 50-day moving average price is $126.09 and its two-hundred day moving average price is $126.27. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The stock has a market cap of $15.84 billion, a P/E ratio of 66.62 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the previous year, the business earned $1.19 EPS. The business's revenue was up .2% on a year-over-year basis. On average, sell-side analysts forecast that Sun Communities will post 6.77 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Citigroup Inc. grew its position in shares of Sun Communities by 20.7% in the 1st quarter. Citigroup Inc. now owns 74,672 shares of the real estate investment trust's stock valued at $9,606,000 after purchasing an additional 12,788 shares during the period. Swiss National Bank increased its holdings in Sun Communities by 2.0% during the first quarter. Swiss National Bank now owns 359,260 shares of the real estate investment trust's stock worth $46,215,000 after buying an additional 7,100 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Sun Communities by 9.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 187,944 shares of the real estate investment trust's stock worth $24,177,000 after buying an additional 16,431 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Sun Communities by 103.7% in the first quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after purchasing an additional 820,422 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Sun Communities by 1.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,140,855 shares of the real estate investment trust's stock worth $146,760,000 after acquiring an additional 17,415 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Company Profile

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.

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