Sun Communities (NYSE:SUI) Price Target Raised to $134.00 at Robert W. Baird

Key Points

• Robert W. Baird raised its price target for Sun Communities (NYSE:SUI) from $126.00 to $134.00, indicating a potential upside of 6.82% from the stock's previous close.
• The consensus rating for Sun Communities is currently "Hold," with an average price target of $138.43 set by various analysts.
• In recent insider activity, Director Jeff Blau purchased 3,665 shares, increasing his position significantly and reflecting confidence in the company's prospects.

Sun Communities (NYSE:SUI - Free Report) had its target price boosted by Robert W. Baird from $126.00 to $134.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the real estate investment trust's stock.

Several other research firms have also issued reports on SUI. Bank of America raised their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Wall Street Zen raised shares of Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays began coverage on shares of Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price on the stock. Colliers Securities began coverage on shares of Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 target price on the stock. Finally, JMP Securities reissued a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $138.43.

Sun Communities Trading Down 0.0%

Shares of SUI traded down $0.04 during trading hours on Monday, reaching $127.17. The stock had a trading volume of 118,952 shares, compared to its average volume of 876,120. The firm has a 50-day moving average of $125.39 and a 200 day moving average of $125.74. Sun Communities has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $15.92 billion, a P/E ratio of 12.47, a P/E/G ratio of 6.61 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.09. The business had revenue of $623.50 million for the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. During the same period in the prior year, the company posted $1.86 EPS. On average, sell-side analysts expect that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were given a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Sun Communities's payout ratio is currently 40.70%.

Insider Buying and Selling at Sun Communities

In other news, Director Jeff Blau acquired 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the transaction, the director directly owned 3,665 shares of the company's stock, valued at approximately $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is owned by corporate insiders.

Institutional Trading of Sun Communities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. Norges Bank bought a new stake in Sun Communities during the 2nd quarter worth approximately $925,926,000. Dodge & Cox boosted its stake in shares of Sun Communities by 42.1% in the 1st quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust's stock worth $1,755,656,000 after buying an additional 4,041,802 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of Sun Communities by 30.3% in the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after buying an additional 3,811,528 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after buying an additional 911,857 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Sun Communities in the 1st quarter worth approximately $112,395,000. 99.59% of the stock is owned by institutional investors.

About Sun Communities

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.