Sun Communities (NYSE:SUI) Price Target Lowered to $128.00 at Evercore ISI

Sun Communities (NYSE:SUI) had its price target cut by Evercore ISI from $145.00 to $128.00 in a report released on Wednesday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

SUI has been the topic of a number of other research reports. JMP Securities restated a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a report on Tuesday, April 23rd. BMO Capital Markets dropped their price objective on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research note on Monday, January 22nd. Compass Point increased their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a report on Thursday, March 21st. Truist Financial lowered their target price on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a report on Monday, March 18th. Finally, Barclays cut their price target on Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $138.92.

Sun Communities Stock Performance

NYSE SUI opened at $117.30 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The stock’s 50 day simple moving average is $125.54 and its 200-day simple moving average is $125.60. The company has a market cap of $14.62 billion, a PE ratio of 101.12, a price-to-earnings-growth ratio of 1.05 and a beta of 0.83. Sun Communities has a 1-year low of $102.74 and a 1-year high of $141.52.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a $0.94 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.21%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is currently 324.14%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is currently owned by company insiders.

Institutional Trading of Sun Communities

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Farmers & Merchants Investments Inc. acquired a new position in shares of Sun Communities in the first quarter valued at approximately $26,000. Lindbrook Capital LLC grew its stake in shares of Sun Communities by 120.2% in the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 125 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities during the fourth quarter worth $32,000. CKW Financial Group acquired a new stake in shares of Sun Communities in the first quarter valued at $38,000. Finally, Quest Partners LLC purchased a new position in Sun Communities in the fourth quarter valued at $51,000. 99.59% of the stock is currently 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.