Sun Communities (NYSE:SUI) Given New $136.00 Price Target at Mizuho

Sun Communities (NYSE:SUI) had its price objective decreased by Mizuho from $137.00 to $136.00 in a report issued on Monday,Benzinga reports. Mizuho currently has an outperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on SUI. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a report on Wednesday, July 22nd. Odeon Capital Group set a $135.00 price objective on Sun Communities in a research note on Thursday, July 9th. Morgan Stanley decreased their target price on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. Truist Financial lowered their target price on Sun Communities from $138.00 to $136.00 and set a “buy” rating for the company in a research note on Friday, September 11th. Finally, Bank of America raised shares of Sun Communities from an “underperform” rating to a “neutral” rating and set a $140.00 target price for the company in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Sun Communities presently has a consensus rating of “Moderate Buy” and an average price target of $139.30.

Sun Communities Stock Performance

SUI opened at $113.69 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.52 and a current ratio of 2.52. Sun Communities has a 52-week low of $113.18 and a 52-week high of $137.85. The firm has a market cap of $13.85 billion, a P/E ratio of -16.04, a price-to-earnings-growth ratio of 5.19 and a beta of 0.77. The business’s fifty day moving average is $120.36 and its 200-day moving average is $124.16.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $1.12 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.9%. Sun Communities’s payout ratio is -63.19%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Gary Shiffman sold 25,031 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the sale, the director owned 857,761 shares of the company’s stock, valued at approximately $102,897,009.56. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.58% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Sun Communities in the 2nd quarter worth about $1,649,715,000. Legal & General Group Plc lifted its position in Sun Communities by 6.4% in the 4th quarter. Legal & General Group Plc now owns 1,080,585 shares of the real estate investment trust’s stock valued at $133,895,000 after acquiring an additional 65,053 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in Sun Communities during the 2nd quarter valued at about $3,805,000. Ilmarinen Mutual Pension Insurance Co acquired a new position in Sun Communities during the 4th quarter valued at about $1,549,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Sun Communities during the 2nd quarter worth approximately $28,880,000. 99.59% of the stock is owned by institutional investors and hedge funds.

About Sun Communities

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops residential and recreational properties. Its portfolio is centered on manufactured housing communities, where residents typically lease sites for manufactured homes, as well as recreational vehicle communities and resorts that provide short-term and long-term accommodations.

The company also operates marinas, offering services that may include boat slips, storage, fueling and related amenities.