Sun Communities (NYSE:SUI) Receives “Market Outperform” Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of Sun Communities (NYSE:SUI) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $140.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $150.00.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. Finally, Truist Financial lowered their price objective on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $135.70.

Sun Communities Stock Down 1.7 %

Shares of NYSE:SUI opened at $121.19 on Monday. The business’s 50-day moving average is $127.52 and its 200-day moving average is $127.03. Sun Communities has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a market capitalization of $15.46 billion, a price-to-earnings ratio of 65.16 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities research analysts predict that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date was Monday, March 31st. Sun Communities’s payout ratio is 508.11%.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently modified their holdings of SUI. Opal Wealth Advisors LLC bought a new stake in Sun Communities during the first quarter worth $29,000. Aster Capital Management DIFC Ltd increased its position in shares of Sun Communities by 263.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 232 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares during the last quarter. CKW Financial Group grew its position in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 135 shares during the period. Finally, Parallel Advisors LLC grew its position in Sun Communities by 66.4% during the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 190 shares during the period. 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.