JMP Securities Reiterates Market Outperform Rating for Sun Communities (NYSE:SUI)

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

Several other brokerages also recently weighed in on SUI. Truist Financial reduced their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Compass Point raised their price target 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. BMO Capital Markets decreased their price objective 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. Barclays reduced their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research report on Friday, January 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 price target for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $141.17.

Sun Communities Trading Up 0.1 %

Shares of SUI opened at $119.08 on Tuesday. Sun Communities has a twelve month low of $102.74 and a twelve month high of $141.52. The company has a market cap of $14.84 billion, a P/E ratio of 104.46, a P/E/G ratio of 1.08 and a beta of 0.80. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. The company’s fifty day simple moving average is $127.11 and its 200-day simple moving average is $125.17.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.16%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is currently 329.83%.

Insiders Place Their Bets

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction 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 in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock valued at $912,460 in the last 90 days. 1.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Farmers & Merchants Investments Inc. purchased a new stake in Sun Communities in the 1st quarter valued at about $26,000. Lindbrook Capital LLC boosted its holdings in Sun Communities by 120.2% in the third quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 125 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Sun Communities in the fourth quarter valued at approximately $32,000. CKW Financial Group acquired a new stake in shares of Sun Communities in the first quarter valued at approximately $38,000. Finally, Quest Partners LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds 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.