Wells Fargo & Company Increases Sun Communities (NYSE:SUI) Price Target to $154.00

Sun Communities (NYSE:SUI) had its price objective lifted by Wells Fargo & Company from $123.00 to $154.00 in a report released on Thursday morning, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on SUI. StockNews.com cut Sun Communities from a hold rating to a sell rating in a report on Friday, August 9th. Robert W. Baird lifted their target price on Sun Communities from $144.00 to $145.00 and gave the stock an outperform rating in a report on Tuesday, September 3rd. Truist Financial lifted their target price on Sun Communities from $127.00 to $138.00 and gave the stock a hold rating in a report on Tuesday, August 13th. Evercore ISI cut Sun Communities from an outperform rating to an inline rating and lifted their target price for the stock from $144.00 to $149.00 in a report on Monday, September 16th. Finally, Royal Bank of Canada lifted their target price on Sun Communities from $131.00 to $137.00 and gave the stock an outperform rating in a report on Friday, August 2nd. One research 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. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $140.91.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $140.68 on Thursday. The stock’s 50-day simple moving average is $133.07 and its 200-day simple moving average is $125.25. Sun Communities has a 52 week low of $102.74 and a 52 week high of $147.83. The company has a market capitalization of $17.54 billion, a price-to-earnings ratio of 121.28, a PEG ratio of 1.07 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.67%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity

In other news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Farmers & Merchants Investments Inc. bought a new position in shares of Sun Communities during the first quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities in the fourth quarter valued at approximately $32,000. Quest Partners LLC purchased a new stake in shares of Sun Communities in the fourth quarter valued at approximately $51,000. 1620 Investment Advisors Inc. bought a new stake in Sun Communities during the 2nd quarter valued at $62,000. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Sun Communities in the 1st quarter worth $83,000. 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.