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

Sun Communities, Inc. (NYSE:SUI) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $142.20.

Several equities analysts recently issued reports on SUI shares. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and increased their target price for the stock from $144.00 to $149.00 in a research note on Monday, September 16th. Wells Fargo & Company increased their price target on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Royal Bank of Canada upped their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird raised their price target on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd.

Sun Communities Stock Down 1.0 %

NYSE:SUI opened at $129.77 on Friday. Sun Communities has a 52 week low of $102.74 and a 52 week high of $147.83. The stock’s fifty day moving average is $135.05 and its two-hundred day moving average is $125.49. The stock has a market capitalization of $16.17 billion, a price-to-earnings ratio of 111.87, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insider Buying and Selling at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new stake in shares of Sun Communities during the second quarter worth about $346,000. Northwestern Mutual Wealth Management Co. increased its position in Sun Communities by 15.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after buying an additional 102 shares during the period. Liberty Mutual Group Asset Management Inc. increased its position in Sun Communities by 5.3% during the second quarter. Liberty Mutual Group Asset Management Inc. now owns 33,293 shares of the real estate investment trust’s stock worth $4,006,000 after buying an additional 1,665 shares during the period. Mackenzie Financial Corp lifted its stake in Sun Communities by 118.2% in the second quarter. Mackenzie Financial Corp now owns 7,055 shares of the real estate investment trust’s stock valued at $849,000 after buying an additional 3,821 shares during the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of Sun Communities in the second quarter valued at approximately $1,083,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

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.