Sun Communities, Inc. (SUI) Lowered to Hold at Zacks Investment Research
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. “
SUI has been the subject of a number of other research reports. Evercore ISI began coverage on Sun Communities in a report on Friday, October 14th. They issued a buy rating and a $85.00 price target for the company. 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. Finally, 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $82.00.
Shares of Sun Communities (NYSE:SUI) traded down 0.667% during trading on Tuesday, hitting $76.745. 355,755 shares of the stock were exchanged. Sun Communities has a 12-month low of $62.58 and a 12-month high of $85.98. The firm has a 50 day moving average of $74.35 and a 200-day moving average of $76.20. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 44.619 and a beta of 0.42.
Sun Communities (NYSE:SUI) last released its quarterly earnings results on Tuesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. The firm earned $249.70 million during the quarter, compared to analysts’ expectations of $146.83 million. Sun Communities had a return on equity of 6.38% and a net margin of 16.21%. Sun Communities’s quarterly revenue was up 34.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. On average, analysts forecast that Sun Communities will post $0.50 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, January 20th. Stockholders of record on Saturday, December 31st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Wednesday, December 28th. Sun Communities’s dividend payout ratio (DPR) is currently 140.54%.
In other news, EVP Jonathan Colman sold 3,000 shares of the stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $75.00, for a total transaction of $225,000.00. Following the completion of the transaction, the executive vice president now directly owns 37,206 shares in the company, valued at approximately $2,790,450. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Stephanie W. Bergeron sold 4,850 shares of the stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $70.63, for a total value of $342,555.50. Following the transaction, the director now owns 16,000 shares of the company’s stock, valued at $1,130,080. The disclosure for this sale can be found here. Insiders own 5.14% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Centerbridge Partners L.P. acquired a new position in Sun Communities during the second quarter valued at approximately $255,202,000. Shinko Asset Management Co. Ltd. boosted its position in Sun Communities by 162.5% in the third quarter. Shinko Asset Management Co. Ltd. now owns 983,056 shares of the real estate investment trust’s stock valued at $77,150,000 after buying an additional 608,518 shares during the period. Vanguard Group Inc. boosted its position in 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. Security Capital Research & Management Inc. acquired a new position in Sun Communities during the second quarter valued at approximately $34,689,000. Finally, Cbre Clarion Securities LLC boosted its position in 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. Institutional investors own 98.24% of the company’s stock.
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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