Sun Communities’ (SUI) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Sun Communities (NYSE:SUI) in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a $150.00 target price on the real estate investment trust’s stock.

SUI has been the topic of a number of other reports. Truist Financial decreased their target price on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a report on Monday, March 18th. Barclays decreased their target price on Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a report on Friday, January 26th. Compass Point raised their target price on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft began coverage on Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price on the stock. Finally, BMO Capital Markets decreased their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of Hold and a consensus price target of $141.17.

Sun Communities Price Performance

NYSE SUI opened at $120.08 on Tuesday. The business’s fifty day moving average price is $127.64 and its 200-day moving average price is $125.24. The stock has a market capitalization of $14.97 billion, a price-to-earnings ratio of 105.33, a PEG ratio of 7.57 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. Sun Communities has a 1-year low of $102.74 and a 1-year high of $141.52.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.94 per share. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.13%. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $912,460 over the last 90 days. Corporate insiders own 1.89% of the company’s stock.

Institutional Investors Weigh In On Sun Communities

Several large investors have recently added to or reduced their stakes in the stock. Sugarloaf Wealth Management LLC increased its stake in Sun Communities by 9.2% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust’s stock worth $124,000 after acquiring an additional 78 shares during the last quarter. Avior Wealth Management LLC increased its stake in Sun Communities by 2.6% during the third quarter. Avior Wealth Management LLC now owns 3,727 shares of the real estate investment trust’s stock worth $441,000 after acquiring an additional 96 shares during the last quarter. Yousif Capital Management LLC increased its stake in Sun Communities by 1.7% during the fourth quarter. Yousif Capital Management LLC now owns 6,236 shares of the real estate investment trust’s stock worth $833,000 after acquiring an additional 105 shares during the last quarter. US Bancorp DE increased its stake in Sun Communities by 0.5% during the fourth quarter. US Bancorp DE now owns 20,541 shares of the real estate investment trust’s stock worth $2,745,000 after acquiring an additional 107 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Sun Communities by 1.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 6,002 shares of the real estate investment trust’s stock worth $710,000 after acquiring an additional 112 shares during the last quarter. 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.