Truist Financial Cuts Sun Communities (NYSE:SUI) Price Target to $135.00

Sun Communities (NYSE:SUI) had its target price lowered by Truist Financial from $142.00 to $135.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a “buy” rating and a $150.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $136.70.

Sun Communities Stock Performance

Shares of SUI stock opened at $120.36 on Thursday. The firm’s 50 day moving average is $127.89 and its 200 day moving average is $127.53. The stock has a market capitalization of $15.36 billion, a P/E ratio of 64.71 and a beta of 0.84. Sun Communities has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, sell-side analysts anticipate that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.12%. Sun Communities’s dividend payout ratio is presently 508.11%.

Hedge Funds Weigh In On Sun Communities

Several institutional investors have recently modified their holdings of SUI. Cohen & Steers Inc. boosted its stake in Sun Communities by 30.3% in the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock worth $2,013,414,000 after buying an additional 3,811,528 shares in the last quarter. Dodge & Cox raised its stake in shares of Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock worth $1,181,252,000 after acquiring an additional 3,644,853 shares in the last quarter. FMR LLC lifted its holdings in shares of Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after acquiring an additional 2,684,214 shares during the last quarter. Norges Bank purchased a new stake in shares of Sun Communities in the 4th quarter valued at $888,783,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Sun Communities by 19.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after purchasing an additional 911,857 shares during 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.