Sun Communities (NYSE:SUI) Given New $132.00 Price Target at Wells Fargo & Company

Sun Communities (NYSE:SUI) had its price objective reduced by Wells Fargo & Company from $135.00 to $132.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other brokerages have also commented on SUI. Colliers Securities started coverage on shares of Sun Communities in a research report on Friday, June 13th. They issued a “neutral” rating and a $130.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and set a $140.00 price objective on shares of Sun Communities in a research note on Tuesday, May 20th. Bank of America boosted their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the company an “underperform” rating in a report on Monday, May 12th. Barclays initiated coverage on Sun Communities in a research note on Thursday, May 29th. They issued an “overweight” rating and a $141.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the company a “hold” rating in a research note on Wednesday, June 25th. Six equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sun Communities has an average rating of “Hold” and an average target price of $138.21.

Sun Communities Stock Performance

Shares of SUI opened at $126.58 on Wednesday. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The firm has a market cap of $15.84 billion, a PE ratio of 12.39, a P/E/G ratio of 6.44 and a beta of 0.83. Sun Communities has a 12 month low of $109.22 and a 12 month high of $147.83. The stock has a fifty day moving average price of $125.66 and a 200-day moving average price of $125.77.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.09. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.The firm had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same period in the previous year, the business earned $1.86 EPS. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. Equities research analysts predict that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. This is a boost from Sun Communities’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, June 30th. Sun Communities’s payout ratio is currently 40.70%.

Institutional Investors Weigh In On Sun Communities

Hedge funds have recently modified their holdings of the company. Twin Tree Management LP purchased a new position in shares of Sun Communities in the 1st quarter valued at about $29,000. Opal Wealth Advisors LLC purchased a new stake in shares of Sun Communities in the first quarter valued at approximately $29,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Sun Communities during the 2nd quarter worth approximately $30,000. Ransom Advisory Ltd purchased a new position in shares of Sun Communities during the 1st quarter valued at approximately $31,000. Finally, MAI Capital Management grew its stake in Sun Communities by 164.4% in the 2nd quarter. MAI Capital Management now owns 267 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 166 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

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.