Royal Bank Of Canada Increases Sun Communities (NYSE:SUI) Price Target to $148.00

Sun Communities (NYSE:SUI) had its price target hoisted by research analysts at Royal Bank Of Canada from $147.00 to $148.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 18.43% from the stock’s current price.

Several other analysts have also issued reports on SUI. Truist Financial dropped their price objective on Sun Communities from $141.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday, June 26th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a research report on Thursday, May 14th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Colliers Securities upgraded Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Friday, May 22nd. Finally, Weiss Ratings cut shares of Sun Communities from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Sun Communities has an average rating of “Moderate Buy” and an average target price of $139.98.

Sun Communities Stock Performance

Shares of SUI opened at $124.97 on Wednesday. The firm has a 50-day moving average price of $122.06 and a 200 day moving average price of $126.44. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $15.40 billion, a PE ratio of -17.63, a P/E/G ratio of 4.01 and a beta of 0.79. Sun Communities has a 52-week low of $115.53 and a 52-week high of $137.85.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Monday, April 27th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by ($1.38). The firm had revenue of $500.50 million during the quarter, compared to analyst estimates of $472.40 million. Sun Communities had a negative net margin of 39.03% and a positive return on equity of 2.50%. Sun Communities’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the firm earned $1.26 EPS. On average, sell-side analysts anticipate that Sun Communities will post 6.9 earnings per share for the current fiscal year.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director owned 857,761 shares of the company’s stock, valued at $102,897,009.56. The trade was a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the sale, the executive vice president owned 9,998 shares in the company, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.58% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its holdings in shares of Sun Communities by 3.8% in the 4th quarter. CoreCap Advisors LLC now owns 2,228 shares of the real estate investment trust’s stock worth $276,000 after purchasing an additional 82 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sun Communities by 9.1% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,003 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 84 shares in the last quarter. IFP Advisors Inc lifted its position in Sun Communities by 3.2% in the 4th quarter. IFP Advisors Inc now owns 2,902 shares of the real estate investment trust’s stock worth $360,000 after buying an additional 89 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Sun Communities by 13.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 773 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 90 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in Sun Communities by 2.1% during the fourth quarter. CIBC Asset Management Inc now owns 5,467 shares of the real estate investment trust’s stock valued at $677,000 after acquiring an additional 112 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

About Sun Communities

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.