Sun Communities, Inc. (NYSE:SUI) has received a “Moderate Buy” rating from eight ratings firms, according to Bloomberg Ratings. Among the research analysts covering the company, one analyst has given a hold recommendation while seven have issued a buy recommendation. The average 12-month price target for Sun Communities, as updated by these brokerages in the last year, is $153.44.
In recent news regarding Sun Communities, EVP Marc Farrugia sold 4,962 shares of the company’s stock on August 30th at an average price of $123.90, resulting in a total transaction value of $614,791.80. Following this sale, Farrugia now holds 5,093 shares of the company’s stock with a value of $631,022.70. This transaction was disclosed through a legal filing with the Securities & Exchange Commission (SEC), which can be accessed through a provided link.
Furthermore, CEO Baxter Underwood purchased 400 shares of Sun Communities’ stock on August 22nd at an average cost of $119.93 per share, amounting to a total transaction value of $47,972.00. Post-acquisition, Underwood now directly owns 73,633 shares of the company’s stock worth approximately $8,830,805.69.
It is important to note that Company insiders own 2.06% of Sun Communities’ stock.
According to released quarterly earnings results on July 26th by Sun Communities (NYSE:SUI), for the quarter ending July 26th it was reported that the real estate investment trust had earned $0.72 per share. This figure falls short when compared to analysts’ consensus estimates of $1.95 per share by ($1.23). Additionally, the company generated revenue of $863.50 million during this quarter exceeding analyst estimates which projected revenue at $834.99 million.
Updated on: 04/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Mixed Ratings and Fluctuating Interest: Assessing Sun Communities’ Future Prospects
September 26, 2023 – Sun Communities Receives Mixed Ratings from Equities Analysts and Shows Fluctuating Institutional Investor Interest
Sun Communities, a prominent real estate investment trust (REIT), has recently been the subject of various reports from equities analysts. This has resulted in significantly different ratings and price targets being assigned to the company. The mixed opinions have left investors perplexed about the future prospects of the stock.
Wolfe Research upgraded its rating on Sun Communities from “peer perform” to “outperform” and assigned a price target of $155.00 for the company. This optimistic view suggests that Wolfe Research sees potential growth opportunities for the REIT. However, Barclays took a more cautious stance by decreasing their target price on Sun Communities from $158.00 to $157.00 while maintaining an “overweight” rating.
Similarly, BMO Capital Markets lowered their price target on the stock from $148.00 to $143.00 but continued to rate it as “outperform.” On the contrary, StockNews.com initiated coverage with a “sell” rating on Sun Communities, adding further confusion for investors.
In addition to conflicting analyst reports, institutional investors have also been making adjustments to their positions in Sun Communities. Cohen & Steers Inc., one such institution, increased its stake in the REIT by 40.8% during the second quarter. This significant increase demonstrates their confidence in the company’s long-term prospects.
Norges Bank also acquired a new position in Sun Communities during the fourth quarter, indicating their interest in investing in this real estate entity. Conversely, JPMorgan Chase & Co., another institutional investor, raised its holdings by 17.5% during the first quarter but did not significantly alter its overall position.
Invesco Ltd., however, notably enhanced its stake by 72.4%, demonstrating strong conviction in Sun Communities’ performance potential over time. Likewise, Daiwa Securities Group Inc. increased its position by 45.6% during the second quarter.
While these fluctuations in institutional investor interest indicate varying degrees of confidence in Sun Communities, it should be noted that they collectively hold a substantial 94.79% of the company’s stock.
Turning to the market performance of Sun Communities, the stock opened at $123.27 on September 26, 2023. With a market capitalization of $15.34 billion and a modest P/E ratio of 66.99, the company has showcased its prominence in the real estate sector. The price-to-earnings-growth ratio stands at 3.41, suggesting potential growth prospects for investors interested in this REIT.
Sun Communities has maintained a relatively stable debt-to-equity ratio of 0.94, which might indicate prudent financial management by the company’s management team. The current and quick ratios both stand at 2.58, indicating that the company possesses sufficient liquidity to meet its immediate obligations.
Over the past year, Sun Communities’ stock has experienced some volatility, with a 12-month low of $117.63 and a high of $163.83, making it imperative for investors to carefully assess their risk appetite before entering or exiting positions in the company.
As of late September 2023, Sun Communities’ stock has shown a downward trend with its 50-day moving average settling at $126.39 and its two-hundred day moving average resting at $131.34.
Ultimately, understanding the perplexing nature surrounding Sun Communities requires careful evaluation of analyst reports and institutional investor movements against market indicators like price targets and moving averages.