Royal Bank of Canada Trims Sun Communities (NYSE:SUI) Target Price to $130.00

Sun Communities (NYSE:SUI) had its price target trimmed by Royal Bank of Canada from $142.00 to $130.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets cut their price objective on Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. Truist Financial dropped their price objective 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. Barclays cut their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective on the stock. Finally, JMP Securities restated a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $138.92.

Sun Communities Stock Up 0.6 %

Shares of SUI stock opened at $117.30 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The stock has a 50 day moving average of $125.83 and a 200-day moving average of $125.37. 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 PE ratio of 101.12, a price-to-earnings-growth ratio of 1.01 and a beta of 0.83.

Sun Communities Increases Dividend

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

Insiders Place Their Bets

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,000 shares of company stock worth $912,460. Company insiders own 1.89% of the company’s stock.

Hedge Funds Weigh In On Sun Communities

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Sun Communities during the 4th quarter valued at about $576,397,000. PGGM Investments purchased a new position in Sun Communities during the 3rd quarter worth $130,082,000. JPMorgan Chase & Co. increased its stake in Sun Communities by 18.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after buying an additional 1,040,076 shares during the period. Resolution Capital Ltd acquired a new position in Sun Communities during the third quarter worth $104,406,000. Finally, Russell Investments Group Ltd. grew its position in Sun Communities by 75.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after buying an additional 570,329 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

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.