Sun Communities (NYSE:SUI) Given New $143.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Sun Communities from $147.00 to $143.00, while maintaining an "outperform" rating, indicating a potential upside of 14.60% from the previous close.
• Several analysts have expressed mixed ratings on Sun Communities, with two sell ratings, eight hold ratings, and six buy ratings, resulting in an average target price of $137.57.
• Sun Communities reported earnings of $1.76 per share for the last quarter, exceeding analyst estimates, and had a revenue of $623.50 million.

Sun Communities (NYSE:SUI - Get Free Report) had its price objective dropped by stock analysts at Royal Bank Of Canada from $147.00 to $143.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's target price points to a potential upside of 14.60% from the company's previous close.

Several other research firms have also issued reports on SUI. Wall Street Zen lowered Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Deutsche Bank Aktiengesellschaft set a $135.00 target price on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Bank of America increased their price target on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Barclays assumed coverage on shares of Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective for the company. Finally, Colliers Securities began coverage on Sun Communities in a research note on Friday, June 13th. They set a "neutral" rating and a $130.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $137.57.

Sun Communities Stock Up 0.6%

Shares of NYSE SUI traded up $0.76 on Friday, reaching $124.79. 520,888 shares of the company's stock traded hands, compared to its average volume of 852,898. The business's 50 day simple moving average is $124.72 and its two-hundred day simple moving average is $125.72. Sun Communities has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a market cap of $15.93 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 7.92 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 (NYSE:SUI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. The company had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a negative return on equity of 0.61% and a net margin of 48.86%. During the same quarter last year, the company earned $1.86 EPS. As a group, equities research analysts forecast that Sun Communities will post 6.77 EPS for the current fiscal year.

Insider Activity

In other news, Director Jeff Blau bought 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.77% of the company's stock.

Institutional Investors Weigh In On Sun Communities

A number of institutional investors and hedge funds have recently bought and sold shares of SUI. Teacher Retirement System of Texas boosted its stake in shares of Sun Communities by 143.5% in the second quarter. Teacher Retirement System of Texas now owns 45,291 shares of the real estate investment trust's stock worth $5,729,000 after acquiring an additional 26,693 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Sun Communities by 10.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 868,039 shares of the real estate investment trust's stock valued at $109,798,000 after purchasing an additional 81,521 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Sun Communities by 2.6% in the 2nd quarter. Asset Management One Co. Ltd. now owns 233,296 shares of the real estate investment trust's stock worth $29,510,000 after purchasing an additional 5,817 shares in the last quarter. Ethic Inc. boosted its stake in Sun Communities by 7.8% in the 2nd quarter. Ethic Inc. now owns 8,493 shares of the real estate investment trust's stock worth $1,076,000 after purchasing an additional 612 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in Sun Communities by 2.9% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 113,262 shares of the real estate investment trust's stock worth $14,326,000 after purchasing an additional 3,195 shares during the period. 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.

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