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 research note issued to investors on Thursday morning, Benzinga reports. They currently have a $150.00 price objective on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Truist Financial cut their price target on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research note on Monday, March 18th. BMO Capital Markets cut their target price on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research report on Monday, January 22nd. Royal Bank of Canada decreased their price target on shares of Sun Communities from $142.00 to $130.00 and set an outperform rating on the stock in a research report on Wednesday. Compass Point lifted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research note on Thursday, March 21st. Finally, Barclays reduced their price objective on Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $138.92.

Sun Communities Stock Performance

Shares of SUI stock traded up $0.66 on Thursday, reaching $117.30. The stock had a trading volume of 697,971 shares, compared to its average volume of 696,598. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The stock has a market cap of $14.62 billion, a P/E ratio of 101.12, a price-to-earnings-growth ratio of 1.04 and a beta of 0.83. The company has a 50 day simple moving average of $125.83 and a 200 day simple moving average of $125.37.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 3.21%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. Corporate insiders own 1.89% of the company’s stock.

Institutional Trading of Sun Communities

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in shares of Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after acquiring an additional 1,040,076 shares during the period. Principal Financial Group Inc. raised its stake in Sun Communities by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 4,569,401 shares of the real estate investment trust’s stock worth $610,700,000 after purchasing an additional 45,700 shares during the period. Norges Bank acquired a new position in Sun Communities in the 4th quarter valued at about $576,397,000. Daiwa Securities Group Inc. grew its stake in shares of Sun Communities by 1.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock valued at $347,193,000 after buying an additional 31,831 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Sun Communities by 8.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,514,234 shares of the real estate investment trust’s stock worth $336,027,000 after buying an additional 201,325 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

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.