Sun Communities (NYSE:SUI) Upgraded at Bank of America

Bank of America upgraded shares of Sun Communities (NYSE:SUI) from an underperform rating to a neutral rating in a report released on Thursday morning, MarketBeat reports. They currently have $140.00 price target on the real estate investment trust’s stock.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company dropped their price target on Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a report on Monday, August 10th. Truist Financial cut their price target on shares of Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada cut Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Finally, Morgan Stanley lowered their price target on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $139.42.

Sun Communities Stock Down 0.0%

SUI stock opened at $123.17 on Thursday. The firm has a market cap of $15.00 billion, a PE ratio of -17.37, a P/E/G ratio of 5.61 and a beta of 0.78. Sun Communities has a 12 month low of $115.90 and a 12 month high of $137.85. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 2.52. The firm has a 50 day simple moving average of $121.35 and a 200 day simple moving average of $125.78.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. Sun Communities’s payout ratio is -63.19%.

Insider Transactions at Sun Communities

In related news, Director Gary A. Shiffman sold 25,031 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares in the company, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.58% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SUI. AQR Capital Management LLC increased its stake in Sun Communities by 17.8% during the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust’s stock valued at $1,554,000 after acquiring an additional 1,827 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Sun Communities by 21.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust’s stock worth $25,128,000 after acquiring an additional 33,981 shares during the period. Empowered Funds LLC grew its holdings in shares of Sun Communities by 32.5% during the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust’s stock worth $434,000 after purchasing an additional 829 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Sun Communities during the 1st quarter worth approximately $362,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Sun Communities by 26.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.