According to The Fly, securities analysts, in a research note distributed to investors on Monday at Evercore ISI, cut their price target for Sun Communities (NYSE: SUI) from $170.00 to $166.00. This was done in conjunction with the release of the research report. According to the price forecast provided by Evercore ISI, the price may end up being 8.90% higher than its most recent closing price. In recent times, SUI has been the subject of discussion among various analysts in various settings. In a research study made available by TheStreet on August 24, the rating for Sun Communities was improved from a “c+” to a “b-,” reflecting an improvement in the company’s overall performance. In a research report that BMO Capital Markets distributed on Friday, July 1, the price objective for Sun Communities was lowered from $202.00 to $185.00.
A recommendation to “buy” the company was included in the report. In a research report published on July 28, JMP Securities lowered their “market outperform” rating for Sun Communities from $220.00 to $200.00 and decreased their price objective for the stock from $220.00 to $200.00. On Friday, July 15, Wolfe Research’s findings from their investigation into Sun Communities were made public. “Peer performs” was the rating the organization bestowed upon the corporate entity. The price objective that Truist Financial has set for Sun Communities has increased from $185.00 to $193.00 due to a report released on Wednesday, August 17. The plan was complete, and this was the final and most essential item. There has been one recommendation from an equity research expert to sell the stock, another recommendation to keep it in one’s portfolio, and six recommendations from equity research experts that purchasers should consider purchasing the asset.
The current consensus rating for Sun Communities is “Moderate Buy,” and Bloomberg.com says that the website has determined that the average price goal for the firm is $201.25. On Monday, the share price of Sun Communities reached $152.43, which marked a new all-time high. The firm has a market capitalization of $18.80 billion, a price-to-earnings ratio of 55.84, a price-to-earnings-to-growth ratio of 2.49, and a beta value of 0.62. These metrics indicate that the company is quite expensive relative to its earnings. Over the previous 52 weeks, the price of Sun Communities has fluctuated between a low of $148.64 and a high of $211.79. The ratio of current assets to quick assets is also 2.24. The ratio of existing assets to quick assets is 0.89, and the ratio of debt to equity is 0.89. The company’s moving averages for the past 50 days are $160.91, and the moving averages for the past 200 days are $166.45.
The most recent earnings report for Sun Communities, which is traded on the New York Stock Exchange under the ticker symbol “SUI,” was disclosed on July 25. Market analysts had predicted that the REIT would announce earnings per share (EPS) of $0.80 for the quarter; the REIT only reported earnings of $0.61 per share. Sun Communities achieved a return on equity of 4.42% in their business while maintaining a net margin of 12.33%. The company’s revenue per share was $1.80, comparable to the results achieved during the same quarter in the preceding year. Sun Communities is expected to generate revenues of $7.22 per share over the current fiscal year, as stated by forecasts made by market experts.
In other news, Executive Vice President Bruce Thelen sold a total of 6,892 shares of company stock on Tuesday, August 9. The transaction took place earlier this month. The sale of the shares was completed at an average price of $165.40 per share, which brought the total value of the transaction up to $1,139,936.80. Following the transaction involving those shares, the executive vice president now directly holds 25,120 of the company’s shares, the total value of which is approximately $4,154,848. Following this link will be directed to the SEC filing in which the sale was disclosed. Please click on the link to proceed. Insiders own 2.25 percent of the company’s shares, which is the same as 2.25 percent of all the shares that are currently in circulation.
In recent months, the number of institutional investors has either increased or decreased the number of SUI shares they hold in their portfolios. Sun Communities Trust Co. of Vermont spent $26,000 during the second quarter to acquire an additional interest in Sun Communities. This transaction took place during the second quarter. During the second quarter of this year, Eagle Bay Advisors LLC invested in Sun Communities in the amount of $27,000. Riverview Trust Company spent $28,000 purchasing a new investment in Sun Communities during the first three months of this year. During the second quarter, Harvest Fund Management Co., Ltd. contributed an amount amounting to $36,000 to the Sun Communities fund. In the second quarter, Sugarloaf Wealth Management LLC expanded its holdings in Sun Communities by purchasing an extra $40,000 worth of shares. This was not the only investment the company made during this period. Currently, 94.26% of the company’s stock is owned by institutional investors. Private investors control the remaining 4%.
The real estate investment trust (REIT) known as Sun Communities, Inc. owned, managed, or had an interest in a portfolio that consisted of 603 developed MH, RV, and marina facilities as of March 31, 2022. These facilities were located in 39 different states, as well as in Canada, Puerto Rico, and the United Kingdom. Collectively, they offered approximately 45,700 wet slips and dry storage spaces.