Evercore ISI Boosts Sun Communities (NYSE:SUI) Price Target to $144.00

Sun Communities (NYSE:SUI) had its target price hoisted by Evercore ISI from $143.00 to $144.00 in a research note released on Wednesday, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also issued reports on the company. StockNews.com lowered Sun Communities from a hold rating to a sell rating in a research report on Friday, August 9th. Truist Financial upped their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a hold rating in a report on Tuesday, August 13th. Royal Bank of Canada raised their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Finally, JMP Securities reissued a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Sun Communities has an average rating of Hold and an average target price of $136.90.

Sun Communities Stock Performance

Sun Communities stock opened at $135.18 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The firm’s fifty day moving average price is $126.45 and its 200 day moving average price is $124.17. The company has a market capitalization of $16.85 billion, a price-to-earnings ratio of 116.53, a price-to-earnings-growth ratio of 0.98 and a beta of 0.88. Sun Communities has a 12-month low of $102.74 and a 12-month high of $137.45.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, June 28th. Sun Communities’s dividend payout ratio is presently 324.14%.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction that occurred on Monday, August 5th. The stock was 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 directly owns 63,462 shares in the company, valued at $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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC lifted its stake in Sun Communities by 10,803.3% in the fourth quarter. International Assets Investment Management LLC now owns 16,573 shares of the real estate investment trust’s stock valued at $2,215,000 after buying an additional 16,421 shares during the last quarter. CWM LLC lifted its position in Sun Communities by 60.3% in the 4th quarter. CWM LLC now owns 1,590 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 598 shares during the last quarter. Yousif Capital Management LLC boosted its stake in Sun Communities by 1.7% during the 4th quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock valued at $833,000 after purchasing an additional 105 shares during the period. Choreo LLC grew its position in Sun Communities by 20.3% in the 4th quarter. Choreo LLC now owns 4,766 shares of the real estate investment trust’s stock worth $641,000 after purchasing an additional 804 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Sun Communities by 14.4% in the 4th quarter. Van ECK Associates Corp now owns 50,905 shares of the real estate investment trust’s stock worth $6,803,000 after purchasing an additional 6,420 shares during the last quarter. Institutional investors and hedge funds 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.