JMP Securities Reaffirms “Market Outperform” Rating for Sun Communities (NYSE:SUI)

JMP Securities reiterated their market outperform rating on shares of Sun Communities (NYSE:SUI) in a report issued on Thursday morning, Benzinga reports. The firm currently has a $150.00 target price on the real estate investment trust’s stock.

Several other research analysts also recently commented on the company. Royal Bank of Canada reduced their target price on Sun Communities from $142.00 to $130.00 and set an outperform rating on the stock in a report on Wednesday, May 1st. Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a report on Tuesday, January 30th. They set a hold rating and a $129.00 price objective for the company. Truist Financial reduced their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Finally, Evercore ISI dropped their price target on shares of Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. One 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. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $138.92.

Sun Communities Stock Up 0.6 %

Shares of NYSE:SUI opened at $117.30 on Thursday. The company’s fifty day moving average is $125.54 and its 200-day moving average is $125.73. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. Sun Communities has a 52 week low of $102.74 and a 52 week high of $141.52. The company has a market capitalization of $14.62 billion, a PE ratio of 101.12, a P/E/G ratio of 1.05 and a beta of 0.83.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 3.21%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was 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 directly owns 28,400 shares in the company, valued at approximately $3,724,092. The disclosure for this sale can be found here. In the last three months, insiders sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sun Communities

Several hedge funds have recently modified their holdings of the stock. Farmers & Merchants Investments Inc. acquired a new position in Sun Communities during the first quarter valued at approximately $26,000. Lindbrook Capital LLC boosted its holdings in shares of Sun Communities by 120.2% in the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 125 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Sun Communities in the fourth quarter valued at $32,000. CKW Financial Group acquired a new position in Sun Communities during the first quarter worth $38,000. Finally, Quest Partners LLC bought a new stake in Sun Communities during the fourth quarter worth $51,000. Institutional investors own 99.59% of the company’s stock.

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.