Sun Communities (NYSE:SUI) Given New $138.00 Price Target at Truist Financial

Sun Communities (NYSE:SUI) had its price objective hoisted by Truist Financial from $127.00 to $138.00 in a research note published on Tuesday, Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently commented on the stock. JMP Securities reaffirmed a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. StockNews.com lowered Sun Communities from a hold rating to a sell rating in a report on Friday, August 9th. Royal Bank of Canada increased their price objective on Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Finally, Evercore ISI cut their target price on Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $135.30.

Sun Communities Stock Performance

Shares of SUI stock opened at $131.50 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. Sun Communities has a 52 week low of $102.74 and a 52 week high of $137.45. The company’s 50 day moving average price is $123.05 and its two-hundred day moving average price is $123.66. The company has a market capitalization of $16.39 billion, a P/E ratio of 113.36, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, June 28th. Sun Communities’s payout ratio is presently 324.14%.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.89% of the stock is owned by company insiders.

Institutional Trading of Sun Communities

Several institutional investors and hedge funds have recently bought and sold shares of SUI. Farmers & Merchants Investments Inc. acquired a new stake in shares of Sun Communities during the 1st quarter worth about $26,000. V Square Quantitative Management LLC bought a new position in Sun Communities in the 4th quarter valued at about $32,000. CKW Financial Group bought a new position in Sun Communities in the 1st quarter valued at about $38,000. Quest Partners LLC lifted its position in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 381 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities during the second quarter worth approximately $62,000. Institutional investors own 99.59% of the company’s stock.

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.