Sun Communities (NYSE:SUI) Price Target Cut to $123.00

Sun Communities (NYSE:SUI) had its price objective reduced by analysts at Wells Fargo & Company from $129.00 to $123.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 2.05% from the stock’s current price.

Several other brokerages also recently commented on SUI. Evercore ISI lowered their price objective on Sun Communities from $139.00 to $132.00 in a research report on Monday, October 9th. StockNews.com initiated coverage on Sun Communities in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. Truist Financial boosted their target price on Sun Communities from $118.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Bank of America downgraded Sun Communities from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $148.00 to $128.00 in a research report on Monday, October 2nd. Finally, JMP Securities decreased their target price on Sun Communities from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $141.36.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $120.53 on Monday. The stock’s 50-day simple moving average is $115.32 and its 200-day simple moving average is $124.91. Sun Communities has a 52 week low of $102.74 and a 52 week high of $163.83. The company has a market capitalization of $15.00 billion, a price-to-earnings ratio of 65.86, a PEG ratio of 5.45 and a beta of 0.73. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.94.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SUI. Lindbrook Capital LLC grew its stake in shares of Sun Communities by 120.2% during the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 125 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Sun Communities in the second quarter worth approximately $27,000. V Square Quantitative Management LLC bought a new position in Sun Communities in the second quarter worth approximately $31,000. Headlands Technologies LLC bought a new position in Sun Communities in the first quarter worth approximately $39,000. Finally, Spire Wealth Management grew its stake in Sun Communities by 102.2% in the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 235 shares in the last quarter. Institutional investors 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.