Sun Communities (NYSE:SUI) Coverage Initiated at Morgan Stanley

Research analysts at Morgan Stanley began coverage on shares of Sun Communities (NYSE:SUI - Get Free Report) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set an "equal weight" rating and a $135.00 price target on the real estate investment trust's stock. Morgan Stanley's price target points to a potential upside of 7.85% from the company's current price.

Several other equities research analysts also recently issued reports on SUI. Colliers Securities initiated coverage on Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Truist Financial set a $137.00 price objective on Sun Communities and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Robert W. Baird reduced their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $137.86.

Sun Communities Trading Up 0.5%

NYSE SUI traded up $0.57 on Tuesday, reaching $125.17. The company had a trading volume of 1,065,971 shares, compared to its average volume of 837,409. The stock's 50 day moving average is $124.85 and its 200-day moving average is $125.77. The stock has a market cap of $15.98 billion, a price-to-earnings ratio of 201.89, a PEG ratio of 8.53 and a beta of 0.86. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.01. Sun Communities has a 52 week low of $109.22 and a 52 week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The company had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. During the same period in the prior year, the company earned $1.19 earnings per share. The company's revenue for the quarter was up .2% compared to the same quarter last year. Equities analysts predict that Sun Communities will post 6.77 earnings per share for the current year.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the acquisition, the director owned 3,665 shares of the company's stock, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.77% of the stock is currently owned by company insiders.

Institutional Trading of Sun Communities

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Sun Communities by 23.8% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock valued at $135,000 after purchasing an additional 201 shares during the last quarter. Bessemer Group Inc. raised its holdings in Sun Communities by 11.6% during the 1st quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock valued at $149,000 after acquiring an additional 120 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Sun Communities by 9.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock worth $520,000 after purchasing an additional 365 shares during the period. Amalgamated Bank increased its stake in Sun Communities by 7.3% in the first quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock valued at $869,000 after acquiring an additional 462 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Sun Communities in the first quarter valued at $2,392,000. 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.