Zacks Investment Research Downgrades Sun Communities (NYSE:SUI) to Hold

Zacks Investment Research downgraded shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a report issued on Friday, Zacks.com reports.

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. “

Separately, BMO Capital Markets boosted their target price on Sun Communities to $132.00 and gave the stock an outperform rating in a report on Monday, June 3rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $124.60.

SUI opened at $147.06 on Friday. The stock has a market capitalization of $13.23 billion, a price-to-earnings ratio of 32.11, a price-to-earnings-growth ratio of 5.26 and a beta of 0.24. The business has a 50-day moving average of $143.56 and a two-hundred day moving average of $129.03. Sun Communities has a 12 month low of $94.63 and a 12 month high of $151.64.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.67). Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The business had revenue of $312.45 million during the quarter, compared to analysts’ expectations of $295.20 million. During the same quarter last year, the firm earned $1.07 EPS. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities research analysts predict that Sun Communities will post 4.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, September 27th. Sun Communities’s payout ratio is currently 65.50%.

In other news, COO John Bandini Mclaren sold 7,410 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $146.74, for a total transaction of $1,087,343.40. Following the completion of the sale, the chief operating officer now owns 120,483 shares in the company, valued at approximately $17,679,675.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Weiss sold 257 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $147.57, for a total value of $37,925.49. Following the sale, the director now owns 29,156 shares of the company’s stock, valued at approximately $4,302,550.92. The disclosure for this sale can be found here. 3.34% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hanseatic Management Services Inc. boosted its holdings in Sun Communities by 6.4% in the 2nd quarter. Hanseatic Management Services Inc. now owns 1,335 shares of the real estate investment trust’s stock worth $171,000 after acquiring an additional 80 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in Sun Communities by 4.1% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 3,719 shares of the real estate investment trust’s stock worth $440,000 after acquiring an additional 148 shares during the period. Davis Selected Advisers boosted its holdings in Sun Communities by 0.3% in the 2nd quarter. Davis Selected Advisers now owns 59,070 shares of the real estate investment trust’s stock worth $7,572,000 after acquiring an additional 160 shares during the period. Cresset Asset Management LLC boosted its holdings in Sun Communities by 9.8% in the 2nd quarter. Cresset Asset Management LLC now owns 2,133 shares of the real estate investment trust’s stock worth $275,000 after acquiring an additional 190 shares during the period. Finally, Wetherby Asset Management Inc. boosted its holdings in Sun Communities by 7.5% in the 2nd quarter. Wetherby Asset Management Inc. now owns 3,226 shares of the real estate investment trust’s stock worth $413,000 after acquiring an additional 225 shares during the period. Hedge funds and other institutional investors own 92.85% of the company’s stock.

About Sun Communities

Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

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