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

Sun Communities (NYSE:SUI) had its price objective boosted by research analysts at Wells Fargo & Company from $123.00 to $154.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 7.32% from the company’s previous close.

SUI has been the subject of a number of other reports. Robert W. Baird upped their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Evercore ISI cut shares of Sun Communities from an “outperform” rating to an “inline” rating and upped their price objective for the stock from $144.00 to $149.00 in a research report on Monday. Royal Bank of Canada upped their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Truist Financial increased their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $140.91.

Sun Communities Price Performance

NYSE:SUI traded up $0.39 during trading hours on Thursday, reaching $143.50. 22,641 shares of the company were exchanged, compared to its average volume of 732,531. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average is $132.28 and its 200-day moving average is $125.10. The firm has a market cap of $17.89 billion, a PE ratio of 123.71, a price-to-earnings-growth ratio of 1.07 and a beta of 0.91. Sun Communities has a twelve month low of $102.74 and a twelve month high of $147.83.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sun Communities

A number of hedge funds have recently modified their holdings of the company. Evoke Wealth LLC purchased a new position in Sun Communities during the fourth quarter worth about $5,594,000. Clearbridge Investments LLC boosted its stake in Sun Communities by 12.3% during the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after buying an additional 33,382 shares during the period. Centersquare Investment Management LLC boosted its stake in Sun Communities by 4.7% during the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Sun Communities by 8.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock worth $18,414,000 after buying an additional 11,195 shares during the period. Finally, APG Asset Management US Inc. boosted its stake in Sun Communities by 10.0% during the fourth quarter. APG Asset Management US Inc. now owns 428,979 shares of the real estate investment trust’s stock worth $57,333,000 after buying an additional 39,028 shares during the period. 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.