BMO Capital Markets Lowers Sun Communities (NYSE:SUI) Price Target to $143.00

Sun Communities (NYSE:SUI) had its target price decreased by BMO Capital Markets from $148.00 to $143.00 in a research note issued to investors on Monday, MarketBeat reports. BMO Capital Markets currently has an outperform rating on the real estate investment trust’s stock.

SUI has been the subject of a number of other reports. Wolfe Research upgraded shares of Sun Communities from a peer perform rating to an outperform rating and set a $155.00 target price for the company in a report on Tuesday, July 11th. JMP Securities reduced their target price on shares of Sun Communities from $160.00 to $150.00 and set an outperform rating for the company in a report on Tuesday, August 15th. StockNews.com initiated coverage on shares of Sun Communities in a report on Thursday, August 17th. They set a sell rating for the company. Barclays dropped their price target on Sun Communities from $168.00 to $158.00 in a research note on Thursday, July 6th. Finally, Robert W. Baird lifted their price target on Sun Communities from $160.00 to $168.00 in a research note on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities presently has an average rating of Moderate Buy and a consensus target price of $153.56.

Sun Communities Stock Up 3.1 %

SUI opened at $126.46 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $15.73 billion, a PE ratio of 68.73, a P/E/G ratio of 3.33 and a beta of 0.71. The stock’s fifty day moving average is $127.55 and its 200-day moving average is $132.27. Sun Communities has a one year low of $117.63 and a one year high of $163.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 EPS for the quarter, missing the consensus estimate of $1.95 by ($1.23). The business had revenue of $863.50 million during the quarter, compared to the consensus estimate of $834.99 million. Sun Communities had a return on equity of 2.80% and a net margin of 7.27%. Sun Communities’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.02 earnings per share. On average, equities analysts predict that Sun Communities will post 7.12 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.72 annualized dividend and a yield of 2.94%. Sun Communities’s dividend payout ratio (DPR) is presently 202.17%.

Insider Buying and Selling at Sun Communities

In other news, EVP Marc Farrugia sold 4,962 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total transaction of $614,791.80. Following the transaction, the executive vice president now directly owns 5,093 shares in the company, valued at approximately $631,022.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Marc Farrugia sold 4,962 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total value of $614,791.80. Following the completion of the sale, the executive vice president now owns 5,093 shares of the company’s stock, valued at approximately $631,022.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Baxter Underwood purchased 400 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average cost of $119.93 per share, with a total value of $47,972.00. Following the purchase, the chief executive officer now owns 73,633 shares in the company, valued at approximately $8,830,805.69. The disclosure for this purchase can be found here. Company insiders own 2.06% of the company’s stock.

Institutional Investors Weigh In On Sun Communities

Several large investors have recently made changes to their positions in the company. Cetera Investment Advisers boosted its holdings in Sun Communities by 1.9% in the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after purchasing an additional 64 shares in the last quarter. Vestcor Inc boosted its position in Sun Communities by 2.3% during the fourth quarter. Vestcor Inc now owns 2,926 shares of the real estate investment trust’s stock worth $418,000 after purchasing an additional 65 shares during the period. Nissay Asset Management Corp Japan ADV boosted its position in Sun Communities by 0.3% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 26,611 shares of the real estate investment trust’s stock worth $3,749,000 after purchasing an additional 77 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Sun Communities by 2.6% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 3,459 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 89 shares during the period. Finally, Fifth Third Bancorp boosted its position in Sun Communities by 2.5% during the first quarter. Fifth Third Bancorp now owns 3,756 shares of the real estate investment trust’s stock worth $529,000 after purchasing an additional 92 shares during the period. Institutional investors own 94.79% 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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.