Truist Financial Cuts Sun Communities (NYSE:SUI) Price Target to $135.00

Sun Communities (NYSE:SUI) had its target price trimmed by Truist Financial from $142.00 to $135.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently commented on SUI. Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They set a “buy” rating and a $150.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $136.70.

Sun Communities Price Performance

Sun Communities stock opened at $120.36 on Thursday. The firm has a market cap of $15.36 billion, a P/E ratio of 64.71 and a beta of 0.84. The stock’s 50 day moving average is $127.89 and its 200 day moving average is $127.53. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities has a one year low of $109.22 and a one year high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. As a group, research analysts expect that Sun Communities will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.12%. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

Institutional Trading of Sun Communities

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cohen & Steers Inc. grew its position in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after buying an additional 3,811,528 shares during the period. Dodge & Cox increased its stake in shares of Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC raised its holdings in shares of Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank purchased a new position in Sun Communities in the fourth quarter valued at approximately $888,783,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after purchasing an additional 911,857 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

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.