Zacks Investment Research cut shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a research note 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. “
SUI has been the subject of several other reports. Royal Bank of Canada boosted their price objective on Sun Communities from $95.00 to $96.00 and gave the stock an outperform rating in a report on Thursday, October 26th. Robert W. Baird reissued a buy rating and set a $95.00 price objective on shares of Sun Communities in a report on Friday, September 8th. ValuEngine raised Sun Communities from a hold rating to a buy rating in a report on Tuesday, November 14th. Evercore ISI raised Sun Communities from an in-line rating to an outperform rating and set a $86.00 price objective for the company in a report on Monday, December 4th. Finally, BMO Capital Markets started coverage on Sun Communities in a report on Monday, October 9th. They set an outperform rating and a $96.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $94.29.
Shares of Sun Communities (SUI) traded up $0.36 during midday trading on Thursday, reaching $92.38. 331,500 shares of the company traded hands, compared to its average volume of 354,665. The firm has a market cap of $7,354.26, a P/E ratio of 124.84, a price-to-earnings-growth ratio of 3.54 and a beta of 0.27. Sun Communities has a 1-year low of $74.83 and a 1-year high of $96.08.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.79. The business had revenue of $268.20 million for the quarter, compared to the consensus estimate of $239.45 million. Sun Communities had a net margin of 7.37% and a return on equity of 2.76%. During the same quarter in the prior year, the company earned $1.13 EPS. analysts predict that Sun Communities will post 4.16 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.67 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.90%. Sun Communities’s dividend payout ratio (DPR) is presently 362.16%.
In other news, EVP Jonathan Colman sold 2,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $93.21, for a total value of $186,420.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.15% of the company’s stock.
Several hedge funds have recently made changes to their positions in SUI. Whitnell & Co. bought a new stake in Sun Communities during the 3rd quarter worth approximately $139,000. Public Employees Retirement Association of Colorado boosted its position in Sun Communities by 6.3% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,255 shares of the real estate investment trust’s stock worth $198,000 after acquiring an additional 133 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Sun Communities by 8.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock worth $202,000 after acquiring an additional 178 shares during the last quarter. Raymond James Trust N.A. acquired a new position in Sun Communities during the 2nd quarter worth approximately $224,000. Finally, Virtu KCG Holdings LLC acquired a new position in Sun Communities during the 2nd quarter worth approximately $231,000. 93.58% of the stock is owned by 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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