Colliers Securities Initiates Coverage on Sun Communities (NYSE:SUI)

Colliers Securities assumed coverage on shares of Sun Communities (NYSE:SUI) in a research report released on Friday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $130.00 price objective on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on SUI. Truist Financial set a $137.00 price target on Sun Communities and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Robert W. Baird cut their price target on Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Sun Communities from a “sell” rating to a “hold” rating in a research note on Saturday, May 31st. JMP Securities reiterated a “market outperform” rating and set a $140.00 price objective on shares of Sun Communities in a research note on Tuesday, May 20th. Finally, Royal Bank of Canada cut their price objective on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $138.33.

Sun Communities Stock Performance

NYSE SUI opened at $123.48 on Friday. The stock has a 50-day simple moving average of $123.19 and a two-hundred day simple moving average of $125.34. The firm has a market capitalization of $15.76 billion, a P/E ratio of 66.39 and a beta of 0.86. Sun Communities has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. The business had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the business posted $1.19 EPS. On average, equities analysts forecast that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a $1.04 dividend. This is a positive change from Sun Communities’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.37%. Sun Communities’s payout ratio is presently 670.97%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, the director now directly owns 3,665 shares of the company’s stock, valued at $432,433.35. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.77% of the company’s stock.

Hedge Funds Weigh In On Sun Communities

Large investors have recently bought and sold shares of the business. Nicola Wealth Management LTD. boosted its stake in Sun Communities by 26.5% in the first quarter. Nicola Wealth Management LTD. now owns 10,984 shares of the real estate investment trust’s stock valued at $1,413,000 after acquiring an additional 2,300 shares in the last quarter. First Hawaiian Bank boosted its stake in Sun Communities by 25.3% in the first quarter. First Hawaiian Bank now owns 28,125 shares of the real estate investment trust’s stock valued at $3,618,000 after acquiring an additional 5,685 shares in the last quarter. Inspire Investing LLC boosted its stake in Sun Communities by 5.7% in the first quarter. Inspire Investing LLC now owns 14,129 shares of the real estate investment trust’s stock valued at $1,818,000 after acquiring an additional 761 shares in the last quarter. Anson Funds Management LP boosted its stake in Sun Communities by 67.9% in the first quarter. Anson Funds Management LP now owns 36,920 shares of the real estate investment trust’s stock valued at $4,749,000 after acquiring an additional 14,930 shares in the last quarter. Finally, Strs Ohio acquired a new position in Sun Communities in the first quarter valued at $27,381,000. Hedge funds and other institutional investors own 99.59% 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 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.