Sun Communities (NYSE:SUI) PT Lowered to $130.00

Sun Communities (NYSE:SUI - Free Report) had its price objective lowered by Royal Bank of Canada from $142.00 to $130.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust's stock.

Several other analysts have also recently commented on SUI. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 price target for the company. Evercore ISI lowered their price target on shares of Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a research report on Wednesday. Truist Financial decreased their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. JMP Securities restated a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a research report on Tuesday, April 23rd. Finally, Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Sun Communities has a consensus rating of Hold and an average target price of $138.92.

Sun Communities Price Performance

NYSE SUI traded up $1.42 on Wednesday, hitting $112.74. The company had a trading volume of 1,531,868 shares, compared to its average volume of 817,038. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The company's fifty day moving average price is $126.52 and its 200-day moving average price is $125.52. The company has a market capitalization of $14.05 billion, a PE ratio of 98.27, a PEG ratio of 1.08 and a beta of 0.80. Sun Communities has a 12-month low of $102.74 and a 12-month high of $141.52.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.34%. This is a positive change from Sun Communities's previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities's dividend payout ratio (DPR) is presently 324.14%.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the company's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares of the company's stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares of the company's stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Leupold sold 2,500 shares of the business's stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock valued at $912,460 over the last quarter. 1.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Sun Communities

Hedge funds have recently modified their holdings of the business. Farmers & Merchants Investments Inc. acquired a new position in Sun Communities in the first quarter valued at $26,000. Lindbrook Capital LLC lifted its position in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 125 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Sun Communities in the 4th quarter valued at approximately $32,000. CKW Financial Group acquired a new position in shares of Sun Communities in the first quarter valued at approximately $38,000. Finally, Quest Partners LLC purchased a new stake in shares of Sun Communities during the fourth quarter worth approximately $51,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

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.