Sun Communities (NYSE:SUI) Hits New 52-Week High Following Analyst Upgrade

Sun Communities, Inc. (NYSE:SUI) hit a new 52-week high on Wednesday after Robert W. Baird raised their price target on the stock from $144.00 to $145.00. Robert W. Baird currently has an outperform rating on the stock. Sun Communities traded as high as $138.79 and last traded at $138.37, with a volume of 74763 shares trading hands. The stock had previously closed at $135.52.

SUI has been the topic of a number of other reports. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Evercore ISI upped their target price on shares of Sun Communities from $143.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Royal Bank of Canada raised their price target on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Truist Financial upped their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $137.64.

Insider Activity at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sun Communities

Hedge funds have recently added to or reduced their stakes in the stock. Farmers & Merchants Investments Inc. acquired a new position in shares of Sun Communities in the 1st quarter valued at $26,000. V Square Quantitative Management LLC acquired a new position in Sun Communities in the fourth quarter valued at $32,000. Quest Partners LLC acquired a new position in Sun Communities in the fourth quarter valued at $51,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Sun Communities during the second quarter worth about $62,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Sun Communities during the first quarter worth about $83,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Price Performance

The company has a fifty day moving average price of $127.08 and a two-hundred day moving average price of $124.23. The firm has a market capitalization of $17.09 billion, a PE ratio of 116.78, a P/E/G ratio of 0.99 and a beta of 0.91. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09.

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.