Royal Bank of Canada Cuts Sun Communities (NYSE:SUI) Price Target to $135.00

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

A number of other analysts have also weighed in on SUI. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $145.00 to $126.00 in a research note on Thursday. Truist Financial boosted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. BMO Capital Markets lowered their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $141.82.

Sun Communities Price Performance

Sun Communities stock opened at $125.32 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83. The firm has a market cap of $15.62 billion, a PE ratio of 67.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company’s 50 day moving average is $135.32 and its two-hundred day moving average is $126.80.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the business posted $2.57 earnings per share. The firm’s revenue was down 4.4% on a year-over-year basis. On average, research analysts expect that Sun Communities will post 6.76 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 190 shares during the period. Quest Partners LLC raised its position in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the last quarter. Farther Finance Advisors LLC boosted its stake 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. 1620 Investment Advisors Inc. purchased a new position in Sun Communities during the 2nd quarter worth $62,000. Finally, Blue Trust Inc. increased its stake in Sun Communities by 230.7% in the third 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 during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Company Profile

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.