Truist Financial Forecasts Strong Price Appreciation for Sun Communities (NYSE:SUI) Stock

Sun Communities (NYSE:SUI) had its price objective boosted by research analysts at Truist Financial from $136.00 to $142.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s target price would indicate a potential upside of 7.54% from the stock’s current price.

Several other equities research analysts have also recently commented on SUI. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and cut their target price for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Jefferies Financial Group lowered their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company cut their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $135.55.

Sun Communities Trading Down 1.2 %

SUI traded down $1.59 during mid-day trading on Monday, hitting $132.04. The stock had a trading volume of 109,309 shares, compared to its average volume of 786,673. The stock’s fifty day simple moving average is $126.73 and its 200-day simple moving average is $129.67. The firm has a market capitalization of $16.82 billion, a price-to-earnings ratio of 70.91 and a beta of 0.90. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. As a group, research analysts forecast that Sun Communities will post 6.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Sun Communities

A number of hedge funds and other institutional investors have recently bought and sold shares of SUI. Norges Bank acquired a new stake in shares of Sun Communities during the fourth quarter valued at about $888,783,000. Cohen & Steers Inc. grew its holdings in Sun Communities by 30.3% during the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock worth $2,013,414,000 after acquiring an additional 3,811,528 shares during the last quarter. Dodge & Cox increased its position in Sun Communities by 61.1% in the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after acquiring an additional 3,644,853 shares during the period. FMR LLC raised its stake in shares of Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock valued at $973,660,000 after acquiring an additional 2,684,214 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after purchasing an additional 1,209,522 shares during the period. 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.