Analysts Set Sun Communities Inc. (SUI) Price Target at $81.67
Shares of Sun Communities Inc. (NYSE:SUI) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $82.50.
Several equities research analysts recently issued reports on SUI shares. Citigroup Inc. upgraded Sun Communities from a “neutral” rating to a “buy” rating and upped their price target for the stock from $80.00 to $86.00 in a report on Monday, September 12th. Zacks Investment Research downgraded Sun Communities from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. BMO Capital Markets upgraded Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Friday, September 16th. TheStreet downgraded Sun Communities from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Finally, Evercore ISI started coverage on Sun Communities in a report on Friday. They set a “buy” rating and a $85.00 price target for the company.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the business’s 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 transaction, the director now owns 18,400 shares of the company’s stock, valued at $1,438,144. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.14% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Centerbridge Partners L.P. purchased a new position in shares of Sun Communities during the second quarter worth approximately $255,202,000. Prudential Financial Inc. boosted its position in shares of Sun Communities by 105.7% in the second quarter. Prudential Financial Inc. now owns 1,079,686 shares of the real estate investment trust’s stock worth $82,747,000 after buying an additional 554,682 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Sun Communities during the second quarter worth approximately $38,727,000. 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 worth $684,640,000 after buying an additional 475,765 shares in the last quarter. Finally, Security Capital Research & Management Inc. purchased a new position in shares of Sun Communities during the second quarter worth approximately $34,689,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.
Sun Communities (NYSE:SUI) opened at 78.39 on Friday. The company has a market cap of $5.38 billion, a PE ratio of 39.12 and a beta of 0.52. Sun Communities has a 52-week low of $61.65 and a 52-week high of $85.98. The firm’s 50-day moving average price is $77.58 and its 200 day moving average price is $74.15.
Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business earned $140 million during the quarter, compared to the consensus estimate of $165.78 million. During the same quarter in the prior year, the company posted $0.87 earnings per share. Sun Communities’s revenue was up 15.0% compared to the same quarter last year. On average, equities analysts predict that Sun Communities will post $3.76 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.65 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 annualized dividend and a yield of 3.32%. Sun Communities’s dividend payout ratio is currently 122.64%.
About Sun Communities
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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