Sun Communities (NYSE:SUI) Upgraded by UBS Group to “Strong-Buy”

UBS Group upgraded shares of Sun Communities (NYSE:SUI) to a strong-buy rating in a research note issued to investors on Thursday, Zacks.com reports.

Several other brokerages also recently commented on SUI. Truist Financial increased their price objective 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 upped their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Evercore ISI lowered shares of Sun Communities from an outperform rating to an inline rating and raised their price target for the company from $144.00 to $149.00 in a research report on Monday, September 16th. Wells Fargo & Company upped their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an equal weight rating in a research report on Thursday, September 19th. Finally, Robert W. Baird lifted their target price on shares of Sun Communities from $144.00 to $145.00 and gave the stock an outperform rating in a research report on Tuesday, September 3rd. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $142.20.

Sun Communities Price Performance

Shares of SUI opened at $129.78 on Thursday. The firm has a market cap of $16.18 billion, a PE ratio of 150.90, a price-to-earnings-growth ratio of 0.93 and a beta of 0.91. Sun Communities has a 52-week low of $102.74 and a 52-week high of $147.83. The business’s 50 day moving average price is $134.84 and its two-hundred day moving average price is $125.43. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders 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 yield of 2.90%. Sun Communities’s payout ratio is currently 437.21%.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares in the company, valued at approximately $8,340,810.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.89% of the company’s stock.

Institutional Investors Weigh In On Sun Communities

Several hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. acquired a new stake in shares of Sun Communities in the first quarter valued at about $26,000. V Square Quantitative Management LLC acquired a new position in Sun Communities in the 4th quarter valued at about $32,000. Quest Partners LLC boosted its position in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Sun Communities during the 2nd quarter worth $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Sun Communities during the first quarter worth approximately $83,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.