Sun Communities, Inc. (SUI) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of Sun Communities, Inc. (NYSE:SUI) from a sell rating to a hold rating in a report released on Thursday.
According to Zacks, “Sun Communities, Inc. owns, operates & finances manufactured housing communities concentrated in the midwestern & southeastern US. The Company is a fully integrated real estate company which, together with its affiliates and predecessors, has been in the business of acquiring, operating & expanding manufactured housing communities since 1975. The Company owns & manages a portfolio of properties located in twelve states, including manufactured housing communities, recreational vehicle communities, & properties containing both manufactured housing & recreational vehicle sites. “
A number of other research firms also recently commented on SUI. BidaskClub downgraded shares of Sun Communities from a strong-buy rating to a buy rating in a report on Friday, June 30th. Royal Bank Of Canada reaffirmed a buy rating and set a $92.00 price objective on shares of Sun Communities in a report on Sunday, July 16th. Finally, Bank of America Corporation raised shares of Sun Communities from an underperform rating to a buy rating and set a $93.00 price objective for the company in a report on Monday, May 22nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $90.17.
Shares of Sun Communities (SUI) opened at 88.43 on Thursday. The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 126.51 and a beta of 0.28. Sun Communities has a 1-year low of $69.90 and a 1-year high of $91.37. The company’s 50-day moving average is $88.61 and its 200 day moving average is $83.89.
Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $237.90 million for the quarter, compared to the consensus estimate of $210.58 million. Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. Sun Communities’s revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.85 earnings per share. On average, equities research analysts expect that Sun Communities will post $0.99 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Wednesday, June 28th. Sun Communities’s dividend payout ratio is currently 382.86%.
In related news, COO John Bandini Mclaren sold 5,400 shares of Sun Communities stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $88.43, for a total transaction of $477,522.00. Following the completion of the transaction, the chief operating officer now directly owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.15% of the company’s stock.
A number of institutional investors have recently made changes to their positions in SUI. US Bancorp DE increased its position in shares of Sun Communities by 105.2% in the second quarter. US Bancorp DE now owns 1,473 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 755 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in shares of Sun Communities by 6.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,255 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 133 shares in the last quarter. Moody Aldrich Partners LLC purchased a new position in shares of Sun Communities during the second quarter valued at about $201,000. Nine Chapters Capital Management LLC purchased a new position in shares of Sun Communities during the second quarter valued at about $202,000. Finally, Norris Perne & French LLP MI purchased a new position in shares of Sun Communities during the first quarter valued at about $201,000. 88.40% of the stock is owned by hedge funds and other institutional investors.
Sun Communities Company Profile
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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