Royal Bank of Canada Lowers Sun Communities (NYSE:SUI) Price Target to $130.00

Sun Communities (NYSE:SUI) had its price target lowered by Royal Bank of Canada from $142.00 to $130.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on SUI. Barclays decreased their price objective on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. Evercore ISI cut their price objective on Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a report on Wednesday. Truist Financial decreased their target price on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research note on Monday, March 18th. Compass Point boosted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Sun Communities presently has an average rating of Hold and an average price target of $138.92.

Sun Communities Stock Performance

Shares of SUI opened at $117.30 on Wednesday. The firm has a market capitalization of $14.62 billion, a PE ratio of 101.12, a P/E/G ratio of 1.05 and a beta of 0.83. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The firm has a 50-day moving average price of $125.54 and a 200 day moving average price of $125.60. Sun Communities has a 52-week low of $102.74 and a 52-week high of $141.52.

Sun Communities Increases Dividend

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

Insider Activity

In related news, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 over the last 90 days. 1.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Sun Communities during the 4th quarter valued at $576,397,000. PGGM Investments acquired a new stake in Sun Communities during the third quarter valued at $130,082,000. JPMorgan Chase & Co. boosted its position in Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after purchasing an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd purchased a new position in Sun Communities in the third quarter valued at about $104,406,000. Finally, Russell Investments Group Ltd. increased its position in Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after purchasing an additional 570,329 shares during the last quarter. 99.59% of the stock is 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.