Sun Communities (NYSE:SUI) Upgraded at Truist Financial

Truist Financial upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat reports.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets dropped their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Bank of America cut shares of 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 report on Tuesday, November 12th. Wells Fargo & Company lowered their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Royal Bank of Canada lowered their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $135.69.

Sun Communities Stock Performance

Shares of SUI opened at $126.08 on Friday. The stock’s 50-day simple moving average is $124.39 and its 200 day simple moving average is $129.26. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The stock has a market capitalization of $16.06 billion, a price-to-earnings ratio of 67.78, a price-to-earnings-growth ratio of 0.49 and a beta of 0.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data 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 company had revenue of $939.90 million during 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 firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the company posted $2.57 earnings per share. Research analysts forecast that Sun Communities will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. Sun Communities’s payout ratio is 202.15%.

Hedge Funds Weigh In On Sun Communities

Hedge funds have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Sun Communities by 8.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares during the period. Toronto Dominion Bank grew its stake in Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 acquiring an additional 102 shares during the period. Cetera Trust Company N.A raised its stake in shares of Sun Communities by 6.0% during the fourth quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock valued at $229,000 after acquiring an additional 105 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Sun Communities by 1.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock valued at $846,000 after purchasing an additional 115 shares during the period. 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.