Zacks: Sun Communities Inc. (NYSE:SUI) Receives Average Rating of “Buy” from Analysts
Shares of Sun Communities Inc. (NYSE:SUI) have been assigned a consensus broker rating score of 1.75 (Buy) from the four brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a sell recommendation and three have issued a strong buy recommendation on the company. Sun Communities’ rating score has declined by 75% from 90 days ago as a result of various analysts’ ratings changes.
Analysts have set a 12 month consensus target price of $78.67 for the company and are forecasting that the company will post $1.07 EPS for the current quarter, according to Zacks. Zacks has also given Sun Communities an industry rank of 93 out of 265 based on the ratings given to its competitors.
SUI has been the subject of several recent research reports. BMO Capital Markets upgraded shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research note on Friday, September 16th. TheStreet downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Zacks Investment Research downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Citigroup Inc. lifted their target price on shares of Sun Communities from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th.
In other news, Director Clunet R. Lewis sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were 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 directly owns 18,400 shares in the company, valued at $1,438,144. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.14% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Shinko Asset Management Co. Ltd. raised its position in Sun Communities by 14,305.3% in the second quarter. Shinko Asset Management Co. Ltd. now owns 374,538 shares of the real estate investment trust’s stock worth $28,705,000 after buying an additional 371,938 shares during the period. State Street Corp raised its position in Sun Communities by 3.2% in the first quarter. State Street Corp now owns 1,853,072 shares of the real estate investment trust’s stock worth $132,701,000 after buying an additional 57,498 shares during the period. Daiwa Securities Group Inc. raised its position in Sun Communities by 2.0% in the second quarter. Daiwa Securities Group Inc. now owns 3,143,552 shares of the real estate investment trust’s stock worth $240,922,000 after buying an additional 60,284 shares during the period. Geode Capital Management LLC raised its position in Sun Communities by 7.2% in the first quarter. Geode Capital Management LLC now owns 473,079 shares of the real estate investment trust’s stock worth $33,877,000 after buying an additional 31,936 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position 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 worth $150,182,000 after buying an additional 80,780 shares during the period. Institutional investors own 93.27% of the company’s stock.
Shares of Sun Communities (NYSE:SUI) opened at 75.10 on Thursday. Sun Communities has a one year low of $61.65 and a one year high of $85.98. The company’s 50 day moving average is $77.51 and its 200 day moving average is $73.87. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 37.48 and a beta of 0.52.
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 for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.03. The company earned $140 million during the quarter, compared to analyst estimates of $165.78 million. Sun Communities had a net margin of 19.60% and a return on equity of 8.30%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 earnings per share. Equities research analysts predict that Sun Communities will post $3.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.65 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.46%. Sun Communities’s dividend payout ratio (DPR) is currently 122.64%.
About Sun Communities
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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