Sun Communities (NYSE:SUI) Research Coverage Started at Morgan Stanley

Morgan Stanley initiated coverage on shares of Sun Communities (NYSE:SUI) in a research report released on Tuesday, Marketbeat.com reports. The brokerage issued an equal weight rating and a $135.00 price objective on the real estate investment trust’s stock.

A number of other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on shares of Sun Communities and gave the company a “hold” rating in a report on Wednesday, June 25th. Robert W. Baird cut their price target on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. JMP Securities reissued a “market outperform” rating and issued a $140.00 price objective on shares of Sun Communities in a research note on Tuesday, May 20th. Bank of America raised their target price on Sun Communities from $124.00 to $132.00 and gave the stock an “underperform” rating in a research report on Monday, May 12th. Finally, Barclays started coverage on Sun Communities in a report on Thursday, May 29th. They set an “overweight” rating and a $141.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $137.86.

Sun Communities Stock Performance

NYSE SUI opened at $124.80 on Tuesday. The firm’s fifty day moving average price is $124.85 and its two-hundred day moving average price is $125.77. The stock has a market cap of $15.93 billion, a PE ratio of 201.30, a PEG ratio of 8.53 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. Sun Communities has a fifty-two week low of $109.22 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the previous year, the company posted $1.19 EPS. Sun Communities’s quarterly revenue was up .2% compared to the same quarter last year. On average, equities analysts expect that Sun Communities will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $1.04 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities’s payout ratio is presently 670.97%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of the business’s stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, the director owned 3,665 shares of the company’s stock, valued at approximately $432,433.35. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.77% of the company’s stock.

Institutional Trading of Sun Communities

Several hedge funds have recently modified their holdings of SUI. Raymond James Financial Inc. bought a new stake in Sun Communities in the fourth quarter valued at $16,051,000. Cibc World Markets Corp grew its stake in shares of Sun Communities by 5.9% in the 4th quarter. Cibc World Markets Corp now owns 40,472 shares of the real estate investment trust’s stock valued at $4,977,000 after buying an additional 2,239 shares during the period. Signaturefd LLC increased its position in Sun Communities by 14.3% in the 4th quarter. Signaturefd LLC now owns 1,639 shares of the real estate investment trust’s stock valued at $202,000 after buying an additional 205 shares in the last quarter. Xponance Inc. raised its stake in Sun Communities by 14.1% during the 4th quarter. Xponance Inc. now owns 12,383 shares of the real estate investment trust’s stock worth $1,523,000 after buying an additional 1,530 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Sun Communities by 278.3% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 21,278 shares of the real estate investment trust’s stock worth $2,617,000 after acquiring an additional 15,653 shares in the last quarter. 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.