Sun Communities (NYSE:SUI) Price Target Raised to $137.00 at Royal Bank of Canada

Sun Communities (NYSE:SUI) had its price target increased by Royal Bank of Canada from $131.00 to $137.00 in a research report report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

SUI has been the subject of a number of other reports. Evercore ISI decreased their price target on Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. JMP Securities restated a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research note on Thursday, May 2nd. Finally, StockNews.com raised Sun Communities from a sell rating to a hold rating in a report on Thursday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $135.10.

Sun Communities Stock Up 1.8 %

Shares of Sun Communities stock opened at $135.62 on Friday. The business has a 50-day moving average of $120.41 and a 200-day moving average of $123.49. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The company has a market capitalization of $16.90 billion, a PE ratio of 116.91, a P/E/G ratio of 0.98 and a beta of 0.88. Sun Communities has a 1-year low of $102.74 and a 1-year high of $137.45.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.76 annualized dividend and a yield of 2.77%. Sun Communities’s dividend payout ratio is 324.14%.

Hedge Funds Weigh In On Sun Communities

A number of large investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in Sun Communities by 7.9% in the fourth quarter. Fifth Third Bancorp now owns 5,627 shares of the real estate investment trust’s stock worth $752,000 after purchasing an additional 412 shares during the period. Arizona State Retirement System increased its position in shares of Sun Communities by 0.7% during the fourth quarter. Arizona State Retirement System now owns 34,195 shares of the real estate investment trust’s stock worth $4,570,000 after acquiring an additional 253 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Sun Communities by 10,803.3% during the fourth quarter. International Assets Investment Management LLC now owns 16,573 shares of the real estate investment trust’s stock worth $2,215,000 after acquiring an additional 16,421 shares in the last quarter. Arkadios Wealth Advisors increased its position in shares of Sun Communities by 83.8% during the fourth quarter. Arkadios Wealth Advisors now owns 5,349 shares of the real estate investment trust’s stock worth $715,000 after acquiring an additional 2,438 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC increased its position in shares of Sun Communities by 4.9% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 2,944 shares of the real estate investment trust’s stock worth $393,000 after acquiring an additional 138 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

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.