Truist Financial Issues Pessimistic Forecast for Sun Communities (NYSE:SUI) Stock Price

Sun Communities (NYSE:SUI - Get Free Report) had its price target dropped by research analysts at Truist Financial from $138.00 to $131.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective points to a potential upside of 8.10% from the company's current price.

Several other equities analysts also recently commented on SUI. BMO Capital Markets decreased their price target on shares of Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada decreased their price target on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. UBS Group downgraded shares of Sun Communities from a "buy" rating to a "neutral" rating and decreased their price target for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Wells Fargo & Company upped their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 19th. Finally, Bank of America cut shares of Sun Communities from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $137.08.

Sun Communities Stock Performance

Shares of NYSE:SUI traded down $1.66 on Wednesday, hitting $121.18. The company had a trading volume of 817,882 shares, compared to its average volume of 828,292. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The stock has a market cap of $15.44 billion, a price-to-earnings ratio of 65.15, a P/E/G ratio of 0.52 and a beta of 0.88. The stock has a 50 day moving average price of $129.13 and a 200 day moving average price of $128.11. 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 (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the prior year, the firm earned $2.57 earnings per share. Sun Communities's revenue for the quarter was down 4.4% on a year-over-year basis. Analysts expect that Sun Communities will post 6.78 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock valued at $707,329,000 after purchasing an additional 1,430,630 shares during the period. Massachusetts Financial Services Co. MA increased its position in Sun Communities by 3.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust's stock valued at $354,986,000 after purchasing an additional 111,569 shares during the period. Daiwa Securities Group Inc. increased its position in 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 purchasing an additional 424,842 shares during the period. Dimensional Fund Advisors LP increased its position in Sun Communities by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust's stock valued at $214,752,000 after purchasing an additional 10,592 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Sun Communities by 1,061.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust's stock valued at $178,868,000 after purchasing an additional 1,209,522 shares during the period. Institutional investors own 99.59% of the company's stock.

Sun Communities Company Profile

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.