Sun Communities (NYSE:SUI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a research note issued to investors on Wednesday, 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. “

Other equities analysts have also issued research reports about the company. Berenberg Bank started coverage on Sun Communities in a research report on Thursday, October 1st. They issued a buy rating and a $170.00 target price for the company. TheStreet raised shares of Sun Communities from a c+ rating to a b- rating in a research report on Friday, July 24th. BMO Capital Markets upped their price target on shares of Sun Communities from $160.00 to $165.00 and gave the company an outperform rating in a research report on Thursday, October 1st. Citigroup upped their price target on shares of Sun Communities from $140.00 to $150.00 and gave the company a neutral rating in a research report on Monday, July 27th. Finally, Royal Bank of Canada upped their price target on shares of Sun Communities from $147.00 to $151.00 and gave the company an outperform rating in a research report on Tuesday, July 28th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Sun Communities has a consensus rating of Buy and a consensus price target of $159.43.

Shares of NYSE:SUI opened at $146.04 on Wednesday. Sun Communities has a fifty-two week low of $95.34 and a fifty-two week high of $173.98. The business has a 50-day simple moving average of $145.78 and a two-hundred day simple moving average of $138.61. The company has a debt-to-equity ratio of 0.75, a quick ratio of 5.39 and a current ratio of 5.39. The firm has a market cap of $14.35 billion, a price-to-earnings ratio of 105.83, a price-to-earnings-growth ratio of 4.28 and a beta of 0.47.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.57). Sun Communities had a return on equity of 3.93% and a net margin of 10.37%. The business had revenue of $303.27 million during the quarter, compared to analysts’ expectations of $311.24 million. As a group, research analysts predict that Sun Communities will post 4.93 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, September 29th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.16%. Sun Communities’s dividend payout ratio (DPR) is presently 64.23%.

In other Sun Communities news, Director Clunet R. Lewis sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $144.50, for a total value of $578,000.00. Following the completion of the transaction, the director now directly owns 28,800 shares in the company, valued at approximately $4,161,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.72% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SUI. Gradient Investments LLC bought a new position in shares of Sun Communities during the 2nd quarter valued at approximately $27,000. Meeder Asset Management Inc. purchased a new stake in Sun Communities during the 1st quarter valued at $37,000. Twin Tree Management LP purchased a new stake in Sun Communities during the 2nd quarter valued at $42,000. Cornerstone Advisors Inc. increased its stake in Sun Communities by 31.0% in the second quarter. Cornerstone Advisors Inc. now owns 456 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 108 shares during the period. Finally, Keebeck Wealth Management LLC purchased a new stake in Sun Communities in the second quarter worth $68,000. Institutional investors and hedge funds own 93.28% of the company’s stock.

Sun Communities Company Profile

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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Analyst Recommendations for Sun Communities (NYSE:SUI)

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