Sun Communities (NYSE:SUI) Price Target Cut to $129.00 by Analysts at Truist Financial

Sun Communities (NYSE:SUI) had its price objective dropped by analysts at Truist Financial from $136.00 to $129.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s price objective indicates a potential upside of 10.80% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. Wall Street Zen lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays decreased their target price on Sun Communities from $147.00 to $143.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Citigroup reissued a “market outperform” rating on shares of Sun Communities in a report on Tuesday. Evercore restated an “outperform” rating on shares of Sun Communities in a research note on Wednesday, October 28th. Finally, Weiss Ratings raised shares of Sun Communities from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Sun Communities currently has an average rating of “Moderate Buy” and a consensus price target of $136.25.

Sun Communities Price Performance

Shares of SUI stock traded down $0.39 on Tuesday, hitting $116.42. 163,445 shares of the stock traded hands, compared to its average volume of 1,172,917. The company has a debt-to-equity ratio of 0.69, a current ratio of 4.68 and a quick ratio of 2.52. Sun Communities has a 52 week low of $109.77 and a 52 week high of $137.85. The firm has a 50 day simple moving average of $116.07 and a two-hundred day simple moving average of $123.43. The firm has a market cap of $13.90 billion, a price-to-earnings ratio of -18.90, a PEG ratio of 4.72 and a beta of 0.76.

Sun Communities (NYSE:SUI) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. The company had revenue of $558.20 million during the quarter, compared to the consensus estimate of $563.59 million. Sun Communities had a negative net margin of 36.00% and a positive return on equity of 5.02%. Sun Communities’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.28 EPS. As a group, equities research analysts predict that Sun Communities will post 7.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sun Communities

Several large investors have recently made changes to their positions in SUI. Engineers Gate Manager LP raised its holdings in shares of Sun Communities by 5,319.8% in the second quarter. Engineers Gate Manager LP now owns 227,305 shares of the real estate investment trust’s stock worth $27,256,000 after buying an additional 223,111 shares during the period. National Pension Service grew its holdings in shares of Sun Communities by 164.0% in the second quarter. National Pension Service now owns 25,236 shares of the real estate investment trust’s stock worth $3,026,000 after purchasing an additional 15,678 shares during the last quarter. BlackRock Inc. purchased a new position in Sun Communities in the 2nd quarter worth about $1,649,715,000. The Manufacturers Life Insurance Company bought a new stake in Sun Communities during the 2nd quarter valued at about $3,805,000. Finally, Korea Investment CORP purchased a new stake in Sun Communities in the 2nd quarter valued at about $8,539,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Company Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.