JMP Securities Reaffirms “Market Outperform” Rating for Sun Communities (NYSE:SUI)

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

SUI has been the subject of a number of other research reports. Compass Point raised their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. Barclays cut their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price for the company. Truist Financial dropped their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. Finally, BMO Capital Markets dropped their target price on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $141.17.

Sun Communities Stock Up 1.5 %

Shares of NYSE SUI opened at $120.08 on Tuesday. The company has a 50 day simple moving average of $127.64 and a 200-day simple moving average of $125.24. The company has a market capitalization of $14.97 billion, a P/E ratio of 105.33, a P/E/G ratio of 7.57 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.13%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s payout ratio is presently 329.83%.

Insider Buying and Selling

In related news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock valued at $912,460 in the last three months. 1.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Farmers & Merchants Investments Inc. acquired a new position in shares of Sun Communities during the 1st quarter worth about $26,000. Lindbrook Capital LLC boosted its position in shares of Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 125 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Sun Communities during the 4th quarter worth about $32,000. CKW Financial Group acquired a new position in shares of Sun Communities during the 1st quarter worth about $38,000. Finally, Quest Partners LLC acquired a new position in shares of Sun Communities during the 4th quarter worth about $51,000. 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.