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

Sun Communities (NYSE:SUI) had its price objective trimmed by Royal Bank of Canada from $147.00 to $135.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts have also recently commented on SUI. BMO Capital Markets reduced their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday. UBS Group raised Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $145.00 to $126.00 in a research note on Thursday. Finally, Wells Fargo & Company upped their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sun Communities presently has an average rating of “Hold” and an average price target of $141.82.

Sun Communities Stock Performance

Shares of SUI opened at $125.32 on Thursday. Sun Communities has a 1 year low of $110.98 and a 1 year high of $147.83. The stock has a market capitalization of $15.62 billion, a P/E ratio of 67.38, a P/E/G ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company’s fifty day moving average is $135.32 and its two-hundred day moving average is $126.80.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.57 earnings per share. On average, sell-side analysts predict that Sun Communities will post 6.76 earnings per share for the current year.

Sun Communities Dividend Announcement

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

Hedge Funds Weigh In On Sun Communities

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Sun Communities by 50.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after acquiring an additional 1,105,306 shares in the last quarter. PGGM Investments boosted its stake in shares of Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after purchasing an additional 767,126 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after buying an additional 424,842 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Sun Communities by 199.1% in the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock valued at $42,754,000 after buying an additional 238,498 shares during the last quarter. Finally, National Bank of Canada FI raised its position in shares of Sun Communities by 499.9% in the first quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock valued at $18,562,000 after buying an additional 131,641 shares during the last quarter. Hedge funds and other 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.