Sun Communities (NYSE:SUI) Downgraded to “Inline” at Evercore ISI

Sun Communities (NYSE:SUI) was downgraded by equities researchers at Evercore ISI from an “outperform” rating to an “inline” rating in a research report issued on Monday, Marketbeat Ratings reports. They presently have a $149.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $144.00. Evercore ISI’s price target would suggest a potential upside of 0.96% from the company’s previous close.

Several other brokerages have also recently weighed in on SUI. Truist Financial raised their target price on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Royal Bank of Canada raised their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird lifted their price target on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $138.09.

Sun Communities Stock Performance

SUI opened at $147.58 on Monday. Sun Communities has a 1-year low of $102.74 and a 1-year high of $147.83. The company has a market capitalization of $18.40 billion, a price-to-earnings ratio of 127.23, a price-to-earnings-growth ratio of 1.06 and a beta of 0.91. The business has a 50 day moving average price of $130.69 and a two-hundred day moving average price of $124.80. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42.

Insider Transactions at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sun Communities

Several institutional investors and hedge funds have recently bought and sold shares of SUI. Norges Bank acquired a new stake in shares of Sun Communities during the fourth quarter worth approximately $576,397,000. Price T Rowe Associates Inc. MD lifted its position in Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after buying an additional 1,105,306 shares in the last quarter. PGGM Investments boosted its stake in shares of Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after buying an additional 767,126 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after acquiring an additional 424,842 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Sun Communities by 199.1% during the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock valued at $42,754,000 after acquiring an additional 238,498 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.