Sun Communities Inc. (SUI) Stock Rating Upgraded by BMO Capital Markets
Sun Communities Inc. (NYSE:SUI) was upgraded by stock analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday. The brokerage presently has a $85.00 price target on the real estate investment trust’s stock. BMO Capital Markets’ target price points to a potential upside of 8.45% from the stock’s current price.
Several other research firms have also issued reports on SUI. TheStreet lowered Sun Communities from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Citigroup Inc. raised Sun Communities from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $86.00 in a research report on Monday, September 12th. Finally, Zacks Investment Research raised Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research report on Wednesday, July 27th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Sun Communities currently has a consensus rating of “Buy” and a consensus price target of $83.00.
Sun Communities (NYSE:SUI) opened at 78.38 on Friday. Sun Communities has a 12 month low of $61.65 and a 12 month high of $85.98. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 39.11 and a beta of 0.60. The firm’s 50-day moving average is $77.43 and its 200-day moving average is $72.96.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. The firm earned $140 million during the quarter, compared to analyst estimates of $165.78 million. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. Sun Communities’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. On average, analysts anticipate that Sun Communities will post $3.76 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Wednesday, September 28th. Sun Communities’s dividend payout ratio (DPR) is 122.64%.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the transaction, the director now owns 18,400 shares of the company’s stock, valued at approximately $1,438,144. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary A. Shiffman sold 18,642 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $75.67, for a total value of $1,410,640.14. Following the completion of the transaction, the chief executive officer now directly owns 1,326,790 shares of the company’s stock, valued at approximately $100,398,199.30. The disclosure for this sale can be found here. 5.14% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of SUI. BlackRock Japan Co. Ltd raised its stake in Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 24 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Sun Communities by 4.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,097,222 shares of the real estate investment trust’s stock valued at $150,182,000 after buying an additional 80,780 shares during the last quarter. BlackRock Group LTD raised its stake in Sun Communities by 13.7% in the first quarter. BlackRock Group LTD now owns 433,623 shares of the real estate investment trust’s stock valued at $31,051,000 after buying an additional 52,252 shares during the last quarter. BlackRock Inc. raised its stake in Sun Communities by 11.8% in the first quarter. BlackRock Inc. now owns 55,092 shares of the real estate investment trust’s stock valued at $3,945,000 after buying an additional 5,824 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Sun Communities by 4,228.5% in the first quarter. Prudential Financial Inc. now owns 525,004 shares of the real estate investment trust’s stock valued at $37,596,000 after buying an additional 512,875 shares during the last quarter. 94.64% of the stock is owned by institutional investors and hedge funds.
Sun Communities Company Profile
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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