Truist Financial Upgrades Sun Communities (NYSE:SUI) to Buy

Sun Communities (NYSE:SUI - Get Free Report) was upgraded by research analysts at Truist Financial from a "hold" rating to a "buy" rating in a note issued to investors on Friday, Marketbeat reports.

Several other equities research analysts also recently commented on SUI. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a research report on Monday, October 21st. BMO Capital Markets decreased their price objective on Sun Communities from $145.00 to $138.00 and set an "outperform" rating for the company in a report on Thursday, November 7th. Baird R W lowered Sun Communities from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. UBS Group cut Sun Communities from a "buy" rating to a "neutral" rating and reduced their target price for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Finally, Royal Bank of Canada lowered their price objective on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and a consensus price target of $135.69.

Sun Communities Price Performance

Shares of SUI stock traded up $2.37 during trading on Friday, hitting $126.08. The company had a trading volume of 789,092 shares, compared to its average volume of 754,827. The stock's 50-day moving average price is $124.39 and its 200 day moving average price is $129.18. Sun Communities has a one year low of $110.98 and a one year high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $16.06 billion, a P/E ratio of 67.78, a price-to-earnings-growth ratio of 0.49 and a beta of 0.89.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the company earned $2.57 earnings per share. The company's quarterly revenue was down 4.4% on a year-over-year basis. Equities analysts expect that Sun Communities will post 6.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SUI. Victory Capital Management Inc. increased its stake in Sun Communities by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust's stock valued at $10,434,000 after purchasing an additional 5,008 shares in the last quarter. FMR LLC boosted its position in Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock valued at $707,329,000 after buying an additional 1,430,630 shares during the last quarter. KBC Group NV increased its holdings in Sun Communities by 303.3% in the 3rd quarter. KBC Group NV now owns 109,939 shares of the real estate investment trust's stock worth $14,858,000 after buying an additional 82,682 shares during the period. AMG National Trust Bank purchased a new position in Sun Communities during the 3rd quarter worth approximately $1,690,000. Finally, Swedbank AB boosted its holdings in shares of Sun Communities by 52.8% in the 3rd quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust's stock valued at $21,944,000 after acquiring an additional 56,132 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

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.