BMO Capital Markets Issues Pessimistic Forecast for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI) had its target price reduced by BMO Capital Markets from $145.00 to $138.00 in a research report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other brokerages have also commented on SUI. Jefferies Financial Group started coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. Royal Bank of Canada upped their price target on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $145.00 to $126.00 in a research report on Thursday. Finally, UBS Group raised shares of Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $141.82.

Sun Communities Stock Performance

NYSE SUI opened at $125.32 on Thursday. The stock has a market cap of $15.62 billion, a PE ratio of 67.38, a P/E/G ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a 50-day moving average of $135.32 and a 200-day moving average of $126.80. Sun Communities has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter last year, the business earned $2.57 earnings per share. The company’s revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Sun Communities will post 6.76 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 3.00%. Sun Communities’s dividend payout ratio is currently 202.15%.

Institutional Investors Weigh In On Sun Communities

A number of large investors have recently modified their holdings of the business. Assetmark Inc. raised its holdings in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 190 shares in the last quarter. Quest Partners LLC grew its position in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 381 shares during the last quarter. Farther Finance Advisors LLC grew its position in Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 236 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Sun Communities during the second quarter worth about $62,000. Finally, Blue Trust Inc. lifted its holdings in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after acquiring an additional 436 shares during the last quarter. 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.