Brokerages Set Sun Communities, Inc. (NYSE:SUI) Target Price at $134.55

Shares of Sun Communities, Inc. (NYSE:SUI) have received an average recommendation of “Hold” from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $134.55.

A number of analysts have weighed in on the company. Wells Fargo & Company cut their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Royal Bank of Canada cut their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Evercore ISI increased their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Finally, Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th.

Sun Communities Stock Down 0.1 %

Shares of NYSE:SUI opened at $125.27 on Friday. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The firm’s 50 day moving average price is $124.35 and its 200 day moving average price is $129.61. The stock has a market cap of $15.96 billion, a price-to-earnings ratio of 67.35 and a beta of 0.90. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio is presently 202.15%.

Institutional Investors Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently made changes to their positions in SUI. FMR LLC boosted its stake in Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after buying an additional 1,430,630 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock worth $288,244,000 after acquiring an additional 442,557 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Sun Communities by 1,061.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after acquiring an additional 1,209,522 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock valued at $138,149,000 after purchasing an additional 47,899 shares during the period. Finally, Westfield Capital Management Co. LP increased its position in Sun Communities by 58.8% during the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after purchasing an additional 355,427 shares during the last quarter. 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.