Truist Financial Has Lowered Expectations for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI) had its price target lowered by equities researchers at Truist Financial from $138.00 to $131.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price target would suggest a potential upside of 6.65% from the company’s current price.

Several other analysts have also issued reports on the company. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. BMO Capital Markets cut their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Evercore ISI boosted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Finally, Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their price target for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average target price of $138.54.

Sun Communities Price Performance

Shares of SUI opened at $122.83 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a market capitalization of $15.65 billion, a P/E ratio of 66.04, a P/E/G ratio of 0.52 and a beta of 0.88. The company has a 50 day moving average of $129.59 and a 200-day moving average of $128.12.

Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same period last year, the business posted $2.57 EPS. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, equities research analysts forecast that Sun Communities will post 6.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SUI. Assetmark Inc. grew its position 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 purchasing an additional 190 shares during the last quarter. Brooklyn Investment Group acquired a new position in Sun Communities in the 3rd quarter valued at $41,000. Quest Partners LLC increased its position in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 381 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Sun Communities during the third quarter worth $60,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities in the second quarter valued at about $62,000. 99.59% of the stock is 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.