Wells Fargo & Company Upgrades Sun Communities (NYSE:SUI) to “Overweight”

Sun Communities (NYSE:SUI) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday. The brokerage presently has a $150.00 price target on the real estate investment trust’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 10.50% from the company’s previous close.

A number of other research firms also recently weighed in on SUI. Royal Bank Of Canada increased their price objective on Sun Communities from $142.00 to $143.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Barclays reiterated an “overweight” rating and issued a $144.00 price target on shares of Sun Communities in a research report on Tuesday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, January 20th. Wall Street Zen upgraded Sun Communities from a “sell” rating to a “hold” rating in a report on Sunday, November 9th. Finally, Robert W. Baird increased their target price on shares of Sun Communities from $134.00 to $136.00 and gave the company a “neutral” rating in a research report on Wednesday, November 19th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $138.77.

Sun Communities Trading Up 2.4%

Shares of NYSE SUI opened at $135.75 on Friday. The firm has a 50 day moving average price of $126.66 and a two-hundred day moving average price of $126.41. The stock has a market cap of $16.79 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 4.41 and a beta of 0.90. Sun Communities has a 52-week low of $109.22 and a 52-week high of $137.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 6.01 and a current ratio of 6.01.

Insider Activity

In related news, Director Gary A. Shiffman sold 156,875 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $123.53, for a total transaction of $19,378,768.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.77% of the stock is owned by insiders.

Institutional Investors Weigh In On Sun Communities

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Sun Communities by 1,226.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 199 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 184 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in Sun Communities in the 3rd quarter valued at about $27,000. Aster Capital Management DIFC Ltd acquired a new position in Sun Communities during the 3rd quarter worth approximately $27,000. Elevation Point Wealth Partners LLC bought a new position in Sun Communities in the second quarter worth approximately $30,000. Finally, MAI Capital Management grew its stake in Sun Communities by 164.4% in the second quarter. MAI Capital Management now owns 267 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 166 shares during the period. 99.59% of the stock is owned by institutional investors.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.