Sun Communities (NYSE:SUI) Given New $135.00 Price Target at Wells Fargo & Company

Sun Communities (NYSE:SUI) had its price target reduced by stock analysts at Wells Fargo & Company from $154.00 to $135.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 10.88% from the company’s current price.

Several other analysts have also commented on the stock. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Evercore ISI raised their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $137.08.

Sun Communities Trading Down 0.9 %

NYSE SUI traded down $1.09 during trading on Wednesday, hitting $121.75. 100,975 shares of the company’s stock traded hands, compared to its average volume of 825,056. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a fifty day moving average of $129.59 and a two-hundred day moving average of $128.12. The firm has a market cap of $15.51 billion, a P/E ratio of 65.66, a PEG ratio of 0.52 and a beta of 0.88. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.57 earnings per share. As a group, sell-side analysts expect that Sun Communities will post 6.78 EPS for the current year.

Institutional Investors Weigh In On Sun Communities

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its holdings in Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Sun Communities in the third quarter worth approximately $41,000. Quest Partners LLC boosted its holdings 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 during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Sun Communities in the third quarter worth approximately $60,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in Sun Communities in the second quarter worth approximately $62,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.