Royal Bank Of Canada Issues Pessimistic Forecast for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI) had its target price dropped by investment analysts at Royal Bank Of Canada from $148.00 to $140.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently 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 23.21% from the stock’s previous close.

SUI has been the subject of several other research reports. Truist Financial dropped their price objective on shares of Sun Communities from $138.00 to $136.00 and set a “buy” rating for the company in a research note on Friday, September 11th. Jefferies Financial Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company decreased their target price on shares of Sun Communities from $142.00 to $141.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Bank of America upgraded Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 target price for the company in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.61.

Sun Communities Price Performance

Shares of Sun Communities stock traded down $0.83 during midday trading on Tuesday, hitting $113.63. 146,159 shares of the company traded hands, compared to its average volume of 1,162,046. The stock has a market cap of $13.84 billion, a price-to-earnings ratio of -16.01, a PEG ratio of 4.89 and a beta of 0.76. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. The firm’s fifty day moving average price is $117.44 and its 200-day moving average price is $121.85. Sun Communities has a 12 month low of $109.77 and a 12 month high of $137.85.

Hedge Funds Weigh In On Sun Communities

A number of hedge funds have recently modified their holdings of SUI. BlackRock Inc. acquired a new position in shares of Sun Communities in the second quarter worth approximately $1,649,715,000. Dimensional Fund Advisors LP boosted its holdings in Sun Communities by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust’s stock valued at $228,280,000 after acquiring an additional 51,588 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Sun Communities by 2.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,536,249 shares of the real estate investment trust’s stock valued at $184,212,000 after purchasing an additional 31,497 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Sun Communities during the 2nd quarter valued at approximately $156,841,000. Finally, Legal & General Group Plc acquired a new stake in Sun Communities during the 2nd quarter valued at approximately $122,737,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Company Profile

Sun Communities, Inc is a real estate investment trust that owns, operates and develops residential communities and recreational properties. Its portfolio primarily includes manufactured housing communities, recreational vehicle resorts and marinas.

The company provides housing and leisure-oriented accommodations through communities offering manufactured homes, seasonal and long-term RV sites, and related amenities. Its marina operations include wet slips, dry storage and other services for boat owners.

Founded in 1975, Sun Communities serves residents, vacationers and boaters across the United States, with additional operations in the United Kingdom.