Sun Communities (NYSE:SUI) Price Target Raised to $134.00 at Robert W. Baird

Sun Communities (NYSE:SUI) had its target price boosted by Robert W. Baird from $126.00 to $134.00 in a report released on Monday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other research analysts have also recently issued reports on SUI. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a “hold” rating in a research report on Wednesday, June 25th. Colliers Securities assumed coverage on Sun Communities in a report on Friday, June 13th. They issued a “neutral” rating and a $130.00 target price on the stock. Truist Financial upped their target price on Sun Communities from $137.00 to $141.00 and gave the company a “buy” rating in a report on Thursday, August 7th. JMP Securities reissued a “market outperform” rating and issued a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Morgan Stanley assumed coverage on Sun Communities in a report on Tuesday, July 15th. They issued an “equal weight” rating and a $135.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $138.43.

Sun Communities Trading Down 0.0%

NYSE:SUI opened at $125.27 on Monday. The stock has a fifty day moving average price of $125.22 and a two-hundred day moving average price of $125.75. The stock has a market capitalization of $15.68 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 8.48 and a beta of 0.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. Sun Communities has a 1 year low of $109.22 and a 1 year high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.09. The firm had revenue of $623.50 million during the quarter, compared to analysts’ expectations of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%. During the same quarter in the prior year, the business posted $1.86 earnings per share. As a group, sell-side analysts anticipate that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, June 30th. 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 dividend yield of 3.3%. Sun Communities’s dividend payout ratio is 40.70%.

Insiders Place Their Bets

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction that occurred 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 completion of the transaction, the director owned 3,665 shares of the company’s stock, valued at $432,433.35. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.89% of the company’s stock.

Hedge Funds Weigh In On Sun Communities

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Sun Communities by 0.5% during the second quarter. Vanguard Group Inc. now owns 18,040,455 shares of the real estate investment trust’s stock worth $2,281,937,000 after buying an additional 93,170 shares during the period. Cohen & Steers Inc. lifted its position in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock worth $2,013,414,000 after buying an additional 3,811,528 shares during the period. Dodge & Cox lifted its position in Sun Communities by 42.1% during the first quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust’s stock worth $1,755,656,000 after buying an additional 4,041,802 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Sun Communities by 10.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,118,054 shares of the real estate investment trust’s stock worth $787,029,000 after buying an additional 568,514 shares during the period. Finally, Geode Capital Management LLC lifted its position in Sun Communities by 2.3% during the second quarter. Geode Capital Management LLC now owns 2,296,740 shares of the real estate investment trust’s stock worth $289,630,000 after buying an additional 52,502 shares during the period. 99.59% of the stock is currently 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.