Sun Communities (NYSE:SUI) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat reports.

Several other analysts have also recently weighed in on the stock. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Royal Bank of Canada lowered their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Evercore ISI lifted their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Wells Fargo & Company lowered their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average target price of $135.69.

Sun Communities Price Performance

NYSE:SUI opened at $126.08 on Friday. Sun Communities has a one year low of $110.98 and a one year high of $147.83. The stock has a market cap of $16.06 billion, a PE ratio of 67.78, a P/E/G ratio of 0.49 and a beta of 0.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a 50 day moving average price of $124.39 and a 200 day moving average price of $129.11.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the business earned $2.57 earnings per share. Equities research analysts expect that Sun Communities will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. increased its holdings in Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Sun Communities during the third quarter worth approximately $41,000. Point72 Hong Kong Ltd acquired a new stake in Sun Communities in the third quarter valued at approximately $60,000. Farther Finance Advisors LLC grew its holdings in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Sun Communities by 230.7% in the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other 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.