Sun Communities (NYSE:SUI) Price Target Raised to $154.00

Sun Communities (NYSE:SUI) had its price target upped by Wells Fargo & Company from $123.00 to $154.00 in a report published on Thursday, Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

SUI has been the topic of several other research reports. Truist Financial upped their price target on Sun Communities from $127.00 to $138.00 and gave the stock a hold rating in a research note on Tuesday, August 13th. Royal Bank of Canada increased their target price on Sun Communities from $131.00 to $137.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Evercore ISI downgraded Sun Communities from an outperform rating to an inline rating and increased their target price for the company from $144.00 to $149.00 in a research note on Monday, September 16th. Robert W. Baird increased their target price on Sun Communities from $144.00 to $145.00 and gave the company an outperform rating in a research note on Tuesday, September 3rd. Finally, StockNews.com downgraded Sun Communities from a hold rating to a sell rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $140.91.

Sun Communities Stock Performance

Sun Communities stock opened at $140.68 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $17.54 billion, a P/E ratio of 121.28, a PEG ratio of 1.07 and a beta of 0.91. The stock’s 50 day moving average is $133.07 and its 200 day moving average is $125.25. Sun Communities has a twelve month low of $102.74 and a twelve month high of $147.83.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.67%. Sun Communities’s payout ratio is 324.14%.

Insider Activity

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.89% of the company’s stock.

Hedge Funds Weigh In On Sun Communities

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. purchased a new position in Sun Communities during the first quarter valued at $26,000. V Square Quantitative Management LLC purchased a new position in Sun Communities during the fourth quarter valued at $32,000. Quest Partners LLC lifted its position in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Sun Communities in the second quarter valued at about $62,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Sun Communities in the first quarter valued at about $83,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

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.