Sun Communities (NYSE:SUI) PT Lowered to $130.00 at Royal Bank of Canada

Sun Communities (NYSE:SUI) had its price target reduced by Royal Bank of Canada from $142.00 to $130.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently issued reports on SUI. Barclays lowered their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a report on Friday, January 26th. Compass Point increased their target price on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research note on Thursday, March 21st. JMP Securities restated a market outperform rating and set a $150.00 price target on shares of Sun Communities in a research report on Tuesday, April 23rd. Evercore ISI lowered their price objective on Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Truist Financial reduced their target price on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $138.92.

Sun Communities Stock Performance

Shares of SUI opened at $112.74 on Wednesday. Sun Communities has a 52-week low of $102.74 and a 52-week high of $141.52. The stock’s 50-day simple moving average is $126.11 and its 200 day simple moving average is $125.43. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 97.19, a price-to-earnings-growth ratio of 1.00 and a beta of 0.83.

Sun Communities Increases Dividend

The company 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 was Wednesday, March 27th. This is a positive change 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 dividend payout ratio is 324.14%.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,000 shares of company stock valued at $912,460. Corporate insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Farmers & Merchants Investments Inc. purchased a new position in shares of Sun Communities during the first quarter valued at approximately $26,000. Lindbrook Capital LLC boosted its holdings in Sun Communities by 120.2% in the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 125 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Sun Communities during the 4th quarter valued at $32,000. CKW Financial Group bought a new position in Sun Communities in the 1st quarter worth $38,000. Finally, Quest Partners LLC purchased a new stake in shares of Sun Communities in the 4th quarter worth about $51,000. 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.