Evercore ISI Cuts Sun Communities (NYSE:SUI) Price Target to $128.00

Sun Communities (NYSE:SUI) had its price target lowered by Evercore ISI from $145.00 to $128.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

A number of other brokerages have also weighed in on SUI. Barclays lowered their target price on Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research report on Friday, January 26th. Compass Point lifted their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price on the stock. 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. Finally, JMP Securities reissued a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities currently has a consensus rating of Hold and a consensus price target of $138.92.

Sun Communities Stock Performance

Shares of Sun Communities stock opened at $117.30 on Wednesday. The business has a 50-day simple moving average of $125.54 and a 200 day simple moving average of $125.60. Sun Communities has a one year low of $102.74 and a one year high of $141.52. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a market capitalization of $14.62 billion, a price-to-earnings ratio of 101.12, a PEG ratio of 1.05 and a beta of 0.83.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a $0.94 dividend. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a yield of 3.21%. Sun Communities’s payout ratio is currently 324.14%.

Insider Activity

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

Institutional Trading of Sun Communities

A number of institutional investors have recently added to or reduced their stakes in the stock. Easterly Investment Partners LLC bought a new stake in shares of Sun Communities during the first quarter valued at about $16,488,000. GSA Capital Partners LLP increased its holdings in Sun Communities by 88.7% during the 1st quarter. GSA Capital Partners LLP now owns 4,569 shares of the real estate investment trust’s stock worth $587,000 after acquiring an additional 2,148 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its stake in Sun Communities by 90.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 4,582 shares of the real estate investment trust’s stock worth $589,000 after purchasing an additional 2,172 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Sun Communities in the 1st quarter valued at $508,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Sun Communities by 2.8% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 84,880 shares of the real estate investment trust’s stock valued at $10,914,000 after purchasing an additional 2,346 shares in 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.