Sun Communities (NYSE:SUI) Price Target Cut to $128.00 by Analysts at Evercore ISI

Sun Communities (NYSE:SUI) had its target price cut by Evercore ISI from $145.00 to $128.00 in a report released on Wednesday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

SUI has been the subject of a number of other research reports. Truist Financial decreased their price objective on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. BMO Capital Markets reduced their price target on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a research report on Monday, January 22nd. JMP Securities reaffirmed a market outperform rating and set a $150.00 price objective on shares of Sun Communities in a research report on Tuesday, April 23rd. Barclays dropped their price objective on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research note on Friday, January 26th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a hold rating and a $129.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of Hold and a consensus price target of $138.92.

Sun Communities Trading Up 1.3 %

NYSE:SUI opened at $112.74 on Wednesday. The company has a market cap of $14.05 billion, a PE ratio of 97.19, a P/E/G ratio of 1.00 and a beta of 0.83. The business’s 50 day moving average is $126.11 and its two-hundred day moving average is $125.43. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities has a 52 week low of $102.74 and a 52 week high of $141.52.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.34%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the transaction, the director now directly owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 in the last three months. 1.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sun Communities

A number of institutional investors have recently added to or reduced their stakes in SUI. Farmers & Merchants Investments Inc. bought a new stake in Sun Communities in the first quarter worth about $26,000. Lindbrook Capital LLC boosted its position in shares of Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 125 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Sun Communities in the 4th quarter worth approximately $32,000. CKW Financial Group bought a new stake in shares of Sun Communities in the 1st quarter worth approximately $38,000. Finally, Quest Partners LLC acquired a new stake in Sun Communities during the fourth quarter valued at approximately $51,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Company Profile

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.