Sun Communities (SUI) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a research report sent to investors 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. “
Several other research firms have also commented on SUI. Robert W. Baird restated a buy rating and issued a $100.00 price target on shares of Sun Communities in a report on Monday, December 11th. ValuEngine lowered shares of Sun Communities from a buy rating to a hold rating in a report on Tuesday, December 5th. Evercore ISI upgraded shares of Sun Communities from an in-line rating to an outperform rating and set a $86.00 price target on the stock in a report on Monday, December 4th. Royal Bank of Canada raised their price target on shares of Sun Communities from $95.00 to $96.00 and gave the company an outperform rating in a report on Thursday, October 26th. Finally, BMO Capital Markets reaffirmed a buy rating and issued a $96.00 price objective on shares of Sun Communities in a research report on Monday, October 23rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $94.29.
Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share 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 analyst estimates of $239.45 million. Sun Communities had a net margin of 7.37% and a return on equity of 2.76%. During the same period in the prior year, the firm posted $1.13 EPS. analysts forecast 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 given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Thursday, December 28th. Sun Communities’s payout ratio is currently 362.16%.
In other Sun Communities news, EVP Jonathan Colman sold 2,000 shares of Sun Communities stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $93.21, for a total value of $186,420.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.15% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Whitnell & Co. bought a new stake in Sun Communities in the third quarter valued at $139,000. Public Employees Retirement Association of Colorado lifted its stake in 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 during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Sun Communities by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock valued at $202,000 after buying an additional 178 shares during the last quarter. Raymond James Trust N.A. bought a new stake in Sun Communities in the second quarter valued at $224,000. Finally, Virtu KCG Holdings LLC bought a new stake in Sun Communities in the second quarter valued at $231,000. 93.58% of the stock is owned by hedge funds and other institutional investors.
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About Sun Communities
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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