Sun Communities (NYSE:SUI) Price Target Cut to $135.00 by Analysts at Royal Bank of Canada

Sun Communities (NYSE:SUI) had its price target lowered by Royal Bank of Canada from $147.00 to $135.00 in a report issued on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on SUI. Truist Financial raised their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. BMO Capital Markets dropped their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, UBS Group upgraded shares of Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Sun Communities currently has an average rating of “Hold” and an average price target of $141.82.

Sun Communities Stock Up 1.7 %

Shares of Sun Communities stock traded up $2.10 during midday trading on Thursday, hitting $125.32. The company had a trading volume of 899,641 shares, compared to its average volume of 825,899. The company has a 50 day moving average of $135.52 and a 200 day moving average of $126.75. The stock has a market capitalization of $15.62 billion, a P/E ratio of 67.37, a P/E/G ratio of 0.96 and a beta of 0.91. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. Sun Communities’s dividend payout ratio is currently 202.15%.

Hedge Funds Weigh In On Sun Communities

Several institutional investors have recently made changes to their positions in the business. Norden Group LLC boosted its stake in shares of Sun Communities by 67.5% during the 1st quarter. Norden Group LLC now owns 3,392 shares of the real estate investment trust’s stock worth $435,000 after acquiring an additional 1,367 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Sun Communities by 6.2% in the first quarter. Janney Montgomery Scott LLC now owns 14,435 shares of the real estate investment trust’s stock worth $1,856,000 after buying an additional 838 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Sun Communities by 3.5% in the first quarter. Nordea Investment Management AB now owns 7,862 shares of the real estate investment trust’s stock worth $1,007,000 after buying an additional 268 shares during the period. Mutual of America Capital Management LLC lifted its position in shares of Sun Communities by 5.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 11,213 shares of the real estate investment trust’s stock valued at $1,442,000 after buying an additional 555 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Sun Communities by 90.1% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,582 shares of the real estate investment trust’s stock valued at $589,000 after acquiring an additional 2,172 shares during the period. 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.