Sun Communities, Inc. (NYSE:SUI) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analyst sentiment is moderately bullish: Sixteen brokerages rate Sun Communities a consensus “Moderate Buy,” including nine buys and two strong buys. The average 12-month price target is $139.92, above the reported share price of $118.45.
• Sun Communities paid a quarterly dividend of $1.12, equivalent to an annualized $4.48 dividend and a 3.8% yield.
• Institutional investors own 99.59% of the stock, while insiders own 1.58%; two insiders recently sold shares, including executive Fernando Castro-Caratini, who reduced his position by more than 70%.

Shares of Sun Communities, Inc. (NYSE:SUI - Get Free Report) have received an average recommendation of "Moderate Buy" from the sixteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $139.9167.

Several research analysts have recently weighed in on SUI shares. Royal Bank Of Canada lifted their price objective on Sun Communities from $147.00 to $148.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. Barclays cut their target price on Sun Communities from $147.00 to $146.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Evercore reaffirmed an "outperform" rating and set a $144.00 target price on shares of Sun Communities in a research note on Wednesday, April 29th. Jefferies Financial Group upgraded Sun Communities to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Sun Communities in a research note on Wednesday, July 29th.

Sun Communities Price Performance

Shares of NYSE SUI opened at $118.45 on Tuesday. The company has a market capitalization of $14.43 billion, a PE ratio of -16.71, a P/E/G ratio of 3.93 and a beta of 0.78. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. Sun Communities has a twelve month low of $115.90 and a twelve month high of $137.85. The firm has a fifty day simple moving average of $121.60 and a 200 day simple moving average of $126.16.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. Sun Communities's payout ratio is currently -63.19%.

Insiders Place Their Bets

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the transaction, the executive vice president owned 9,998 shares in the company, valued at $1,244,051.14. The trade was a 70.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the transaction, the director directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is owned by insiders.

Institutional Trading of Sun Communities

Several large investors have recently made changes to their positions in the company. Whittier Trust Co. grew its position in Sun Communities by 8.8% in the 4th quarter. Whittier Trust Co. now owns 264,511 shares of the real estate investment trust's stock valued at $32,495,000 after purchasing an additional 21,364 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in Sun Communities by 9.2% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 110,415 shares of the real estate investment trust's stock valued at $13,564,000 after purchasing an additional 9,268 shares in the last quarter. Legal & General Group Plc raised its holdings in Sun Communities by 6.4% during the fourth quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust's stock worth $133,895,000 after buying an additional 65,053 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new position in Sun Communities during the fourth quarter worth $1,549,000. Finally, DNB Asset Management AS lifted its stake in shares of Sun Communities by 218.0% in the fourth quarter. DNB Asset Management AS now owns 77,034 shares of the real estate investment trust's stock valued at $9,545,000 after buying an additional 52,812 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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