Sun Communities (NYSE:SUI) Price Target Raised to $148.00

Sun Communities (NYSE:SUI) had its price objective hoisted by Royal Bank Of Canada from $147.00 to $148.00 in a research note released on Wednesday morning, Marketbeat.com reports. Royal Bank Of Canada currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts also recently issued reports on SUI. Evercore reiterated an “outperform” rating and issued a $144.00 price target on shares of Sun Communities in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a report on Thursday, May 14th. Mizuho dropped their target price on shares of Sun Communities from $143.00 to $137.00 and set an “outperform” rating for the company in a report on Tuesday, June 30th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Finally, Colliers Securities raised Sun Communities from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.98.

Sun Communities Trading Down 0.5%

Shares of SUI stock opened at $123.75 on Wednesday. The business’s fifty day moving average price is $122.04 and its 200 day moving average price is $126.43. The firm has a market capitalization of $15.07 billion, a PE ratio of -17.45, a P/E/G ratio of 4.06 and a beta of 0.79. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.52 and a quick ratio of 3.39. Sun Communities has a 1-year low of $115.90 and a 1-year high of $137.85.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, June 30th. Sun Communities’s dividend payout ratio (DPR) is -63.19%.

Insider Transactions at Sun Communities

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the sale, the executive vice president directly owned 9,998 shares in the company, valued at $1,244,051.14. This trade represents a 70.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gary A. Shiffman sold 25,031 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.58% of the company’s stock.

Institutional Trading of Sun Communities

Hedge funds and other institutional investors have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its position in Sun Communities by 1,226.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 199 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 184 shares during the last quarter. Fulcrum Asset Management LLP acquired a new position in shares of Sun Communities in the 3rd quarter valued at about $27,000. Wiser Advisor Group LLC purchased a new stake in Sun Communities in the 3rd quarter worth approximately $46,000. Prosperity Bancshares Inc purchased a new stake in shares of Sun Communities during the fourth quarter worth $48,000. Finally, Oslo Pensjonsforsikring AS acquired a new stake in shares of Sun Communities during the 1st quarter valued at about $49,000. Institutional investors own 99.59% of the company’s stock.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.