Bank of America Forecasts Strong Price Appreciation for Sun Communities (NYSE:SUI) Stock

Sun Communities (NYSE:SUI) had its price target increased by Bank of America from $124.00 to $132.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “underperform” rating on the real estate investment trust’s stock. Bank of America‘s price target would indicate a potential upside of 6.34% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group assumed coverage on Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price for the company. JMP Securities reissued a “market outperform” rating and set a $140.00 target price (down from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Truist Financial dropped their price target on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Robert W. Baird reduced their price objective on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Royal Bank of Canada lowered their target price on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $138.70.

Sun Communities Price Performance

SUI stock traded down $1.33 during mid-day trading on Monday, hitting $124.14. The stock had a trading volume of 95,020 shares, compared to its average volume of 831,348. The firm has a fifty day simple moving average of $126.09 and a 200 day simple moving average of $126.27. Sun Communities has a 52 week low of $109.22 and a 52 week 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. The firm has a market capitalization of $15.84 billion, a P/E ratio of 66.62 and a beta of 0.86.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $470.20 million for the quarter, compared to analysts’ expectations of $538.63 million. During the same period last year, the firm posted $1.19 earnings per share. The firm’s quarterly revenue was up .2% compared to the same quarter last year. As a group, research analysts forecast that Sun Communities will post 6.77 EPS for the current year.

Institutional Trading of Sun Communities

Several hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its position in Sun Communities by 7.7% during the 4th quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust’s stock worth $1,307,000 after acquiring an additional 756 shares during the last quarter. Park Avenue Securities LLC raised its position in Sun Communities by 4.4% during the 4th quarter. Park Avenue Securities LLC now owns 4,811 shares of the real estate investment trust’s stock valued at $592,000 after purchasing an additional 203 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares during the last quarter. Arkadios Wealth Advisors grew its position in shares of Sun Communities by 13.1% in the 4th quarter. Arkadios Wealth Advisors now owns 5,847 shares of the real estate investment trust’s stock worth $719,000 after buying an additional 678 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in shares of Sun Communities by 4.2% in the 4th quarter. HB Wealth Management LLC now owns 5,183 shares of the real estate investment trust’s stock worth $637,000 after buying an additional 207 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

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.