Robert W. Baird Cuts Sun Communities (NYSE:SUI) Price Target to $126.00

Sun Communities (NYSE:SUI) had its price objective reduced by Robert W. Baird from $128.00 to $126.00 in a research note issued to investors on Thursday,Benzinga reports. Robert W. Baird currently has a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a “buy” rating and a $150.00 price objective for the company. Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. JMP Securities reaffirmed a “market outperform” rating and set a $140.00 target price (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Finally, Royal Bank of Canada dropped their price target on Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Sun Communities has an average rating of “Hold” and an average price target of $136.90.

Sun Communities Price Performance

SUI stock opened at $125.53 on Thursday. The company has a market capitalization of $16.02 billion, a P/E ratio of 67.49 and a beta of 0.86. The company has a fifty day moving average price of $126.09 and a 200-day moving average price of $126.35. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities has a 52-week low of $109.22 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the previous year, the company posted $1.19 EPS. The business’s revenue was up .2% on a year-over-year basis. As a group, equities analysts expect that Sun Communities will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Monday, March 31st. Sun Communities’s dividend payout ratio is currently 606.45%.

Institutional Investors Weigh In On Sun Communities

Institutional investors and hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB raised its stake in shares of Sun Communities by 7.7% in the fourth quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust’s stock worth $1,307,000 after purchasing an additional 756 shares during the last quarter. First Hawaiian Bank lifted its stake in Sun Communities by 29.4% during the 4th quarter. First Hawaiian Bank now owns 22,440 shares of the real estate investment trust’s stock valued at $2,759,000 after acquiring an additional 5,100 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Sun Communities by 4.4% during the 4th quarter. Park Avenue Securities LLC now owns 4,811 shares of the real estate investment trust’s stock worth $592,000 after acquiring an additional 203 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Sun Communities by 8.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after acquiring an additional 84 shares in the last quarter. Finally, Arkadios Wealth Advisors raised its holdings in shares of Sun Communities by 13.1% in the fourth quarter. Arkadios Wealth Advisors now owns 5,847 shares of the real estate investment trust’s stock valued at $719,000 after purchasing an additional 678 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.