Royal Bank of Canada Issues Pessimistic Forecast for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI) had its target price cut by Royal Bank of Canada from $147.00 to $135.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the company. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $145.00 to $126.00 in a report on Thursday. Truist Financial upped their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, BMO Capital Markets dropped their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $141.82.

Sun Communities Price Performance

NYSE SUI traded up $2.10 on Thursday, reaching $125.32. The company had a trading volume of 899,641 shares, compared to its average volume of 825,899. The stock has a market capitalization of $15.62 billion, a PE ratio of 67.37, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average price is $135.52 and its 200 day moving average price is $126.75.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. Sun Communities’s payout ratio is 202.15%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Assetmark Inc. boosted its position in Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 190 shares during the period. Quest Partners LLC grew its stake in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Sun Communities during the 2nd quarter worth $62,000. Farther Finance Advisors LLC increased its holdings in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 shares during the period. Finally, Blue Trust Inc. raised its position in Sun Communities by 230.7% during the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares in the last quarter. 99.59% of the stock is currently owned by 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.