Sun Communities, Inc. (NYSE:SUI) Given Consensus Rating of “Moderate Buy” by Brokerages

Sun Communities, Inc. (NYSE:SUI) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $141.17.

Several research firms recently weighed in on SUI. Barclays reduced their price target on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a research report on Friday, January 26th. BMO Capital Markets lowered their price target on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price objective on the stock. Compass Point raised their target price on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a research report on Wednesday, March 20th.

Insider Activity

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now directly owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. 2.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Sun Communities in the 4th quarter valued at about $576,397,000. Price T Rowe Associates Inc. MD boosted its position in Sun Communities by 257.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,197,498 shares of the real estate investment trust’s stock worth $293,697,000 after purchasing an additional 1,582,871 shares in the last quarter. PGGM Investments acquired a new stake in shares of Sun Communities during the 3rd quarter worth approximately $130,082,000. JPMorgan Chase & Co. increased its holdings in shares of Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after purchasing an additional 1,040,076 shares in the last quarter. Finally, Resolution Capital Ltd acquired a new position in shares of Sun Communities in the 3rd quarter valued at $104,406,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Performance

Shares of Sun Communities stock opened at $120.67 on Friday. Sun Communities has a 52 week low of $102.74 and a 52 week high of $141.52. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The business has a 50 day moving average price of $128.50 and a 200-day moving average price of $125.05. The company has a market cap of $15.04 billion, a PE ratio of 105.85, a price-to-earnings-growth ratio of 7.92 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.12%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date is Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

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.