Sun Communities (NYSE:SUI) PT Lowered to $128.00 at Evercore ISI

Sun Communities (NYSE:SUI) had its price target lowered by Evercore ISI from $145.00 to $128.00 in a report released on Wednesday, Benzinga reports. Evercore ISI currently has an outperform rating on the real estate investment trust’s stock.

A number of other research analysts also recently weighed in on SUI. Barclays lowered their price objective on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research report on Friday, January 26th. Truist Financial dropped their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 price objective for the company. JMP Securities reissued a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research report on Tuesday, April 23rd. Finally, Compass Point upped their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $138.92.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $117.30 on Wednesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $14.62 billion, a price-to-earnings ratio of 101.12, a price-to-earnings-growth ratio of 1.01 and a beta of 0.83. The business has a 50-day simple moving average of $125.83 and a two-hundred day simple moving average of $125.37. Sun Communities has a fifty-two week low of $102.74 and a fifty-two week high of $141.52.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.21%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 in the last 90 days. 1.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sun Communities

A number of institutional investors and hedge funds have recently modified their holdings of SUI. AE Wealth Management LLC lifted its position in Sun Communities by 8.9% in the third quarter. AE Wealth Management LLC now owns 3,171 shares of the real estate investment trust’s stock worth $375,000 after buying an additional 259 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Sun Communities by 2.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 8,102 shares of the real estate investment trust’s stock worth $959,000 after purchasing an additional 155 shares during the period. Xponance Inc. grew its holdings in Sun Communities by 2.7% during the 3rd quarter. Xponance Inc. now owns 7,377 shares of the real estate investment trust’s stock valued at $873,000 after purchasing an additional 191 shares during the last quarter. Raymond James & Associates raised its position in Sun Communities by 6.6% in the 3rd quarter. Raymond James & Associates now owns 63,723 shares of the real estate investment trust’s stock worth $7,541,000 after purchasing an additional 3,972 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its stake in Sun Communities by 9.2% in the third quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock worth $219,000 after purchasing an additional 155 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.