Sun Communities, Inc. (NYSE:SUI) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Sun Communities, Inc. (NYSE:SUI) have earned a consensus rating of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $141.17.

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research report on Wednesday, March 20th. Barclays lowered their target price on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, January 26th. BMO Capital Markets reduced their price target on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, January 22nd. Finally, Compass Point upped their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st.

Sun Communities Stock Down 1.6 %

Shares of NYSE:SUI opened at $120.67 on Friday. The stock has a 50-day simple moving average of $128.50 and a 200-day simple moving average of $125.05. The stock has a market capitalization of $15.04 billion, a P/E ratio of 105.85, a PEG ratio of 7.92 and a beta of 0.80. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a $0.94 dividend. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, March 27th. Sun Communities’s dividend payout ratio is currently 329.83%.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction 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 SEC, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the transaction, the director now directly owns 28,400 shares in the company, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 over the last quarter. 2.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sun Communities

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUI. Lindbrook Capital LLC boosted its position in Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 125 shares during the period. Eagle Bay Advisors LLC purchased a new position in Sun Communities during the second quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new position in Sun Communities in the 4th quarter valued at approximately $32,000. Quest Partners LLC acquired a new position in Sun Communities in the 4th quarter valued at approximately $51,000. Finally, Spire Wealth Management lifted its position in Sun Communities by 102.2% in the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust’s stock worth $55,000 after buying an additional 235 shares in the last quarter. 99.59% of the stock is currently 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.