JMP Securities Reiterates “Market Outperform” Rating for Sun Communities (NYSE:SUI)

Sun Communities (NYSE:SUI)‘s stock had its “market outperform” rating restated by research analysts at JMP Securities in a report released on Tuesday,Benzinga reports. They currently have a $140.00 target price on the real estate investment trust’s stock. JMP Securities’ price objective points to a potential upside of 12.81% from the company’s current price.

Other analysts have also issued reports about 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 report on Thursday, April 10th. Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price objective on the stock. Bank of America lifted their price target on Sun Communities from $124.00 to $132.00 and gave the stock an “underperform” rating in a research note on Monday, May 12th. Royal Bank of Canada lowered 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, May 7th. Finally, Robert W. Baird lowered their price target on Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $138.70.

Sun Communities Stock Up 0.6%

Shares of SUI stock opened at $124.11 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a twelve month low of $109.22 and a twelve month high of $147.83. The stock has a 50 day moving average of $125.05 and a 200 day moving average of $125.88. The stock has a market cap of $15.84 billion, a P/E ratio of 66.46 and a beta of 0.86.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same period last year, the company earned $1.19 earnings per share. Sun Communities’s quarterly revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts expect that Sun Communities will post 6.77 EPS for the current year.

Institutional Investors Weigh In On Sun Communities

Several institutional investors and hedge funds have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Sun Communities by 2.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,404,160 shares of the real estate investment trust’s stock valued at $180,631,000 after buying an additional 39,849 shares during the period. Empowered Funds LLC raised its holdings in shares of Sun Communities by 32.5% in the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust’s stock valued at $434,000 after buying an additional 829 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Sun Communities by 21.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust’s stock valued at $25,128,000 after buying an additional 33,981 shares during the period. Presima Securities ULC raised its holdings in shares of Sun Communities by 42.4% in the 1st quarter. Presima Securities ULC now owns 125,094 shares of the real estate investment trust’s stock valued at $16,092,000 after buying an additional 37,232 shares during the period. Finally, UniSuper Management Pty Ltd grew its stake in Sun Communities by 2.4% during the 1st quarter. UniSuper Management Pty Ltd now owns 38,000 shares of the real estate investment trust’s stock worth $4,888,000 after purchasing an additional 900 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.