Truist Financial Boosts Sun Communities (NYSE:SUI) Price Target to $141.00

Key Points

• Truist Financial has raised its price target for Sun Communities (NYSE:SUI) from $137.00 to $141.00, indicating a potential upside of 13.28% from its current price.
• Analysts have mixed ratings on the stock, with two sell ratings, eight hold ratings, and six buy ratings, leading to a consensus rating of "Hold."
• Sun Communities reported earnings of $1.76 per share, exceeding estimates, and had a revenue of $623.50 million for the last quarter.

Sun Communities (NYSE:SUI - Get Free Report) had its target price hoisted by equities research analysts at Truist Financial from $137.00 to $141.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential upside of 13.28% from the stock's current price.

Several other equities analysts have also issued reports on SUI. Morgan Stanley began coverage on Sun Communities in a research report on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price objective for the company. Barclays initiated coverage on shares of Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective on the stock. Royal Bank Of Canada lowered their target price on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research note on Friday, August 1st. Wall Street Zen cut shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 price target on shares of Sun Communities in a research note on Tuesday, May 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $137.86.

Sun Communities Price Performance

Shares of SUI stock traded down $0.83 during trading hours on Thursday, reaching $124.47. 81,791 shares of the company were exchanged, compared to its average volume of 874,569. The stock's fifty day moving average is $125.01 and its two-hundred day moving average is $125.79. Sun Communities has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. The company has a market cap of $15.58 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 8.61 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.09. The company had revenue of $623.50 million for the quarter, compared to analyst estimates 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 quarter last year, the firm earned $1.86 EPS. Sell-side analysts forecast that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeff Blau acquired 3,665 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the transaction, the director directly owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.77% of the company's stock.

Institutional Investors Weigh In On Sun Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. Twin Tree Management LP acquired a new position in shares of Sun Communities during the first quarter valued at about $29,000. Opal Wealth Advisors LLC purchased a new stake in Sun Communities in the 1st quarter valued at $29,000. Ransom Advisory Ltd bought a new position in shares of Sun Communities during the first quarter valued at about $31,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Sun Communities by 263.6% in 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 acquiring an additional 232 shares in the last quarter. Finally, GKV Capital Management Co. Inc. purchased a new stake in shares of Sun Communities during the 1st quarter valued at $42,000. 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.

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