Sun Communities Inc. (SUI) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Sun Communities Inc. (NYSE:SUI) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $80.00 target price on the real estate investment trust’s stock.
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 brokerages have also recently issued reports on SUI. BMO Capital Markets raised shares of Sun Communities from a market perform rating to an outperform rating and set a $85.00 price objective for the company in a research note on Friday, September 16th. TheStreet cut shares of Sun Communities from a buy rating to a hold rating in a research note on Friday, August 26th. Citigroup Inc. raised shares of Sun Communities from a neutral rating to a buy rating and upped their price objective for the company from $80.00 to $86.00 in a research note on Monday, September 12th. Finally, Evercore ISI initiated coverage on shares of Sun Communities in a research note on Friday, October 14th. They issued a buy rating and a $85.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $82.00.
Sun Communities (NYSE:SUI) traded down 0.64% during midday trading on Wednesday, reaching $71.24. 90,407 shares of the company’s stock traded hands. Sun Communities has a 52-week low of $62.58 and a 52-week high of $85.98. The company’s 50-day moving average price is $76.29 and its 200-day moving average price is $75.17. The stock has a market cap of $5.20 billion, a P/E ratio of 41.42 and a beta of 0.47.
Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Tuesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.03. Sun Communities had a net margin of 16.21% and a return on equity of 6.38%. The company earned $249.70 million during the quarter, compared to analysts’ expectations of $146.83 million. During the same quarter in the prior year, the company earned $1.05 EPS. The firm’s revenue was up 34.7% on a year-over-year basis. On average, equities analysts predict that Sun Communities will post $3.78 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in SUI. Shinko Asset Management Co. Ltd. boosted its stake in shares of Sun Communities by 14,305.3% in the second quarter. Shinko Asset Management Co. Ltd. now owns 374,538 shares of the real estate investment trust’s stock valued at $28,705,000 after buying an additional 371,938 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake 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 last quarter. Geode Capital Management LLC boosted 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 last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Sun Communities during the second quarter valued at $322,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Sun Communities by 5.7% in the second quarter. Principal Financial Group Inc. now owns 2,298,414 shares of the real estate investment trust’s stock valued at $176,151,000 after buying an additional 124,039 shares during the last quarter. 91.78% of the stock is 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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