Royal Bank Of Canada Forecasts Strong Price Appreciation for Sun Communities (NYSE:SUI) Stock

Sun Communities (NYSE:SUI) had its price objective boosted by investment analysts at Royal Bank Of Canada from $147.00 to $148.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 18.43% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Evercore reaffirmed an “outperform” rating and issued a $144.00 price target on shares of Sun Communities in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a report on Thursday, May 14th. Jefferies Financial Group upgraded shares of Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings downgraded shares of Sun Communities from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Finally, Barclays cut their target price on shares of Sun Communities from $147.00 to $146.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.98.

Sun Communities Trading Up 0.7%

NYSE:SUI opened at $124.97 on Wednesday. The firm has a market capitalization of $15.40 billion, a P/E ratio of -17.63, a P/E/G ratio of 4.01 and a beta of 0.79. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average of $122.06 and a 200 day moving average of $126.44. Sun Communities has a 52 week low of $115.53 and a 52 week high of $137.85.

Sun Communities (NYSE:SUI) last posted its earnings results on Monday, April 27th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by ($1.38). The firm had revenue of $500.50 million for the quarter, compared to analysts’ expectations of $472.40 million. Sun Communities had a positive return on equity of 2.50% and a negative net margin of 39.03%.The business’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.26 earnings per share. On average, research analysts predict that Sun Communities will post 6.9 earnings per share for the current year.

Insider Activity

In related news, EVP Fernando Castro-Caratini sold 23,750 shares of Sun Communities stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the sale, the executive vice president owned 9,998 shares of the company’s stock, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary A. Shiffman sold 25,031 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director directly owned 857,761 shares in the company, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is owned by insiders.

Hedge Funds Weigh In On Sun Communities

Hedge funds and other institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC boosted its holdings in shares of Sun Communities by 3.8% during the 4th quarter. CoreCap Advisors LLC now owns 2,228 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 82 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Sun Communities by 9.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,003 shares of the real estate investment trust’s stock worth $127,000 after purchasing an additional 84 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Sun Communities by 3.2% during the fourth quarter. IFP Advisors Inc now owns 2,902 shares of the real estate investment trust’s stock valued at $360,000 after purchasing an additional 89 shares during the period. EverSource Wealth Advisors LLC increased its stake in Sun Communities by 13.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 773 shares of the real estate investment trust’s stock worth $96,000 after buying an additional 90 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Sun Communities by 2.1% during the 4th quarter. CIBC Asset Management Inc now owns 5,467 shares of the real estate investment trust’s stock valued at $677,000 after buying an additional 112 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.