Sun Communities Inc. (SUI) Downgraded by Zacks Investment Research to “Hold”
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. “
A number of other analysts have also commented on SUI. TheStreet lowered Sun Communities from a buy rating to a hold rating in a report on Friday, August 26th. Citigroup Inc. lifted their price target on Sun Communities from $70.00 to $80.00 and gave the stock a neutral rating in a report on Thursday, July 7th. Finally, BMO Capital Markets upgraded Sun Communities from a market perform rating to an outperform rating and set a $85.00 price target on the stock in a report on Friday, September 16th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $83.00.
Sun Communities (NYSE:SUI) traded up 0.78% during mid-day trading on Wednesday, hitting $75.04. The stock had a trading volume of 172,206 shares. Sun Communities has a 52 week low of $61.65 and a 52 week high of $85.98. The stock has a market capitalization of $5.15 billion, a P/E ratio of 37.45 and a beta of 0.52. The company’s 50 day moving average is $77.65 and its 200-day moving average is $73.81.
Sun Communities (NYSE:SUI) last posted its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The company had revenue of $140 million for the quarter, compared to analyst estimates of $165.78 million. During the same quarter last year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts expect that Sun Communities will post $3.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Wednesday, September 28th. Sun Communities’s dividend payout ratio (DPR) is presently 122.64%.
In other news, Director Clunet R. Lewis sold 1,800 shares of Sun Communities stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the transaction, the director now directly owns 18,400 shares in the company, valued at $1,438,144. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.14% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in SUI. Vanguard Group Inc. boosted its position in shares of Sun Communities by 5.6% in the second quarter. Vanguard Group Inc. now owns 8,933,185 shares of the real estate investment trust’s stock valued at $684,640,000 after buying an additional 475,765 shares during the period. Cohen & Steers Inc. boosted its position in shares of Sun Communities by 5.4% in the second quarter. Cohen & Steers Inc. now owns 8,639,821 shares of the real estate investment trust’s stock valued at $662,156,000 after buying an additional 443,535 shares during the period. Centerbridge Partners L.P. bought a new position in shares of Sun Communities during the second quarter valued at $255,202,000. Cbre Clarion Securities LLC boosted its position in shares of Sun Communities by 16.6% in the second quarter. Cbre Clarion Securities LLC now owns 3,172,591 shares of the real estate investment trust’s stock valued at $243,147,000 after buying an additional 451,175 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 2.0% in the second quarter. Daiwa Securities Group Inc. now owns 3,143,552 shares of the real estate investment trust’s stock valued at $240,922,000 after buying an additional 60,284 shares during the period. Institutional investors own 93.27% of the company’s stock.
Sun Communities Company Profile
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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