Sun Communities (SUI) Lowered to Hold at Zacks Investment Research

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.

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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).

Analyst Recommendations for Sun Communities (NYSE:SUI)

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