Truist Financial Cuts Sun Communities (NYSE:SUI) Price Target to $131.00

Sun Communities (NYSE:SUI) had its price objective decreased by Truist Financial from $138.00 to $131.00 in a report released on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

A number of other research firms have also commented on SUI. BMO Capital Markets cut their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Evercore ISI lifted their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Bank of America lowered Sun Communities from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Finally, Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $137.08.

Sun Communities Stock Performance

NYSE:SUI opened at $122.20 on Wednesday. The stock has a market cap of $15.57 billion, a P/E ratio of 65.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock’s 50-day moving average is $128.97 and its 200-day moving average is $128.08. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.57 earnings per share. Equities research analysts anticipate that Sun Communities will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s payout ratio is 202.15%.

Hedge Funds Weigh In On Sun Communities

A number of institutional investors have recently modified their holdings of the company. FMR LLC raised its position in shares of Sun Communities by 37.6% during the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Sun Communities by 3.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after buying an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after buying an additional 424,842 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Sun Communities by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after buying an additional 10,592 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after buying an additional 1,209,522 shares in the last quarter. 99.59% of the stock is 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.