Wells Fargo & Company Lowers Sun Communities (NYSE:SUI) Price Target to $123.00

Sun Communities (NYSE:SUI) had its target price cut by investment analysts at Wells Fargo & Company from $129.00 to $123.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 8.24% from the stock’s current price.

SUI has been the subject of several other reports. Truist Financial upped their price objective on shares of Sun Communities from $118.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, November 6th. StockNews.com assumed coverage on Sun Communities in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. JMP Securities decreased their target price on Sun Communities from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Tuesday, August 15th. BMO Capital Markets dropped their price target on Sun Communities from $148.00 to $143.00 and set an “outperform” rating on the stock in a research report on Monday, September 11th. Finally, Bank of America lowered Sun Communities from a “buy” rating to a “neutral” rating and cut their price target for the stock from $148.00 to $128.00 in a report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average price target of $141.36.

Sun Communities Stock Performance

Sun Communities stock traded down $1.08 during trading hours on Monday, reaching $113.64. 58,032 shares of the company were exchanged, compared to its average volume of 725,005. The firm has a market cap of $14.14 billion, a price-to-earnings ratio of 62.08, a PEG ratio of 5.45 and a beta of 0.73. The company has a current ratio of 2.65, a quick ratio of 2.65 and a debt-to-equity ratio of 0.94. The stock has a 50-day moving average of $115.49 and a 200 day moving average of $125.20. Sun Communities has a 12 month low of $102.74 and a 12 month high of $163.83.

Insider Activity at Sun Communities

In other Sun Communities news, EVP Marc Farrugia sold 4,962 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total transaction of $614,791.80. Following the completion of the transaction, the executive vice president now owns 5,093 shares in the company, valued at $631,022.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Baxter Underwood bought 400 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average price of $119.93 per share, with a total value of $47,972.00. Following the acquisition, the chief executive officer now owns 73,633 shares in the company, valued at $8,830,805.69. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Marc Farrugia sold 4,962 shares of Sun Communities stock in a transaction dated 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 of the company’s stock, valued at $631,022.70. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by insiders.

Institutional Trading of Sun Communities

Several hedge funds have recently modified their holdings of SUI. Lindbrook Capital LLC increased its holdings in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 125 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Sun Communities in the second quarter valued at $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities in the second quarter valued at $31,000. Headlands Technologies LLC bought a new position in shares of Sun Communities in the first quarter valued at about $39,000. Finally, Spire Wealth Management lifted its position in Sun Communities by 102.2% during the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 94.79% 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 September 30, 2023, the Company owned, operated, or had an interest in a portfolio of 670 developed MH, RV and Marina properties comprising approximately 180,170 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.