Sun Communities, Inc. (NYSE:SUI) Receives $139.09 Average PT from Brokerages

Shares of Sun Communities, Inc. (NYSE:SUI - Get Free Report) have been given a consensus recommendation of "Hold" by the thirteen analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $138.33.

A number of research firms have commented on SUI. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Robert W. Baird cut their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Colliers Securities initiated coverage on Sun Communities in a report on Friday. They issued a "neutral" rating and a $130.00 target price on the stock. Royal Bank of Canada dropped their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Barclays assumed coverage on shares of Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price target for the company.

Sun Communities Stock Down 1.8%

SUI traded down $2.32 during trading on Thursday, hitting $123.48. 1,163,148 shares of the company's stock traded hands, compared to its average volume of 847,675. The stock has a market capitalization of $15.76 billion, a price-to-earnings ratio of 66.39 and a beta of 0.86. The company's 50 day simple moving average is $123.19 and its two-hundred day simple moving average is $125.36. Sun Communities has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities's revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. Analysts predict that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a dividend of $1.04 per share. This is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.37%. Sun Communities's payout ratio is 670.97%.

Insiders Place Their Bets

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of the company's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director now directly owns 3,665 shares of the company's stock, valued at $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.77% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sun Communities

Hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC bought a new stake in Sun Communities in the 1st quarter valued at $29,000. Twin Tree Management LP bought a new stake in shares of Sun Communities in the first quarter worth about $29,000. Ransom Advisory Ltd purchased a new stake in shares of Sun Communities in the first quarter worth about $31,000. Aster Capital Management DIFC Ltd boosted its stake in Sun Communities by 263.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 232 shares during the last quarter. Finally, GKV Capital Management Co. Inc. purchased a new position in Sun Communities during the 1st quarter valued at approximately $42,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

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.