Sun Communities Inc. (SUI) Now Covered by Evercore ISI
Investment analysts at Evercore ISI assumed coverage on shares of Sun Communities Inc. (NYSE:SUI) in a research report issued to clients and investors on Friday. The firm set a “buy” rating and a $85.00 price target on the real estate investment trust’s stock. Evercore ISI’s price target would suggest a potential upside of 8.01% from the stock’s current price.
Several other equities analysts have also recently issued reports on SUI. Citigroup Inc. boosted their price target on Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th. Zacks Investment Research upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Wednesday, July 27th. TheStreet cut Sun Communities from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Finally, BMO Capital Markets upgraded Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Friday, September 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $83.40.
Shares of Sun Communities (NYSE:SUI) opened at 78.70 on Friday. The firm has a market cap of $5.40 billion, a PE ratio of 39.27 and a beta of 0.52. Sun Communities has a 12-month low of $61.65 and a 12-month high of $85.98. The company has a 50 day moving average price of $77.69 and a 200 day moving average price of $74.26.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.03. The firm had revenue of $140 million for the quarter, compared to analysts’ expectations of $165.78 million. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 EPS. On average, analysts forecast that Sun Communities will post $3.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Wednesday, September 28th. Sun Communities’s dividend payout ratio (DPR) is 122.64%.
In other news, Director Clunet R. Lewis sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total transaction of $140,688.00. Following the sale, the director now owns 18,400 shares of the company’s stock, valued at approximately $1,438,144. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.14% of the company’s stock.
Several large investors have recently made changes to their positions in SUI. Geode Capital Management LLC raised its stake in shares of Sun Communities by 7.2% in the first quarter. Geode Capital Management LLC now owns 473,079 shares of the real estate investment trust’s stock valued at $33,877,000 after buying an additional 31,936 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Sun Communities by 69.5% in the first quarter. Goldman Sachs Group Inc. now owns 394,106 shares of the real estate investment trust’s stock valued at $28,222,000 after buying an additional 161,651 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Sun Communities during the first quarter valued at approximately $208,000. UBS Asset Management Americas Inc. raised its stake in shares of Sun Communities by 105.7% in the first quarter. UBS Asset Management Americas Inc. now owns 224,585 shares of the real estate investment trust’s stock valued at $16,083,000 after buying an additional 115,393 shares during the period. Finally, UBS Group AG raised its stake in shares of Sun Communities by 5.2% in the first quarter. UBS Group AG now owns 56,690 shares of the real estate investment trust’s stock valued at $4,060,000 after buying an additional 2,792 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.
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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