Sun Communities’ (SUI) Market Outperform Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of Sun Communities (NYSE:SUI) in a research report sent to investors on Thursday morning, Benzinga reports. JMP Securities currently has a $150.00 price target on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. BMO Capital Markets dropped their target price on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a report on Monday, January 22nd. Compass Point increased their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research note on Thursday, March 21st. Royal Bank of Canada decreased their target price on Sun Communities from $142.00 to $130.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. Truist Financial dropped their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research report on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $138.92.

Sun Communities Stock Performance

SUI stock opened at $117.30 on Thursday. The stock’s 50 day simple moving average is $125.54 and its 200 day simple moving average is $125.73. Sun Communities has a 12-month low of $102.74 and a 12-month high of $141.52. The firm has a market cap of $14.62 billion, a P/E ratio of 101.12, a P/E/G ratio of 1.05 and a beta of 0.83. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.21%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 over the last ninety days. 1.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Sun Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Sun Communities by 5.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock valued at $89,975,000 after acquiring an additional 33,795 shares during the last quarter. Strs Ohio lifted its holdings in shares of Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock valued at $40,241,000 after purchasing an additional 23,792 shares during the last quarter. abrdn plc boosted its position in shares of Sun Communities by 33.8% in the 4th quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock valued at $10,229,000 after purchasing an additional 19,314 shares during the period. Russell Investments Group Ltd. increased its stake in Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after purchasing an additional 570,329 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its holdings in Sun Communities by 9.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 155 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

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.