Zacks Investment Research Lowers Sun Communities, Inc. (SUI) to Hold
Zacks Investment Research lowered shares of Sun Communities, Inc. (NYSE:SUI) from a buy rating to a hold rating in a research note released on Tuesday morning.
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 equities research analysts also recently weighed in on the company. Robert W. Baird reissued a buy rating and set a $95.00 target price on shares of Sun Communities in a report on Friday, September 8th. Royal Bank Of Canada reissued a buy rating and set a $92.00 target price on shares of Sun Communities in a report on Sunday, July 16th. Finally, BidaskClub downgraded Sun Communities from a buy rating to a hold rating in a report on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities has a consensus rating of Buy and an average target price of $89.71.
Shares of Sun Communities (NYSE:SUI) opened at 87.86 on Tuesday. Sun Communities has a one year low of $69.90 and a one year high of $91.87. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 125.69 and a beta of 0.30. The firm has a 50-day moving average of $88.49 and a 200 day moving average of $86.56.
Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The firm had revenue of $237.90 million for the quarter, compared to analyst estimates of $210.58 million. During the same period in the prior year, the business posted $0.85 EPS. The firm’s quarterly revenue was up 24.7% compared to the same quarter last year. Equities research analysts anticipate that Sun Communities will post $0.99 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Thursday, September 28th. Sun Communities’s dividend payout ratio is currently 382.86%.
In related news, COO John Bandini Mclaren sold 5,400 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total value of $477,522.00. Following the completion of the transaction, the chief operating officer now owns 153,159 shares of the company’s stock, valued at $13,543,850.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jonathan Colman sold 3,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $85.44, for a total value of $256,320.00. Following the completion of the transaction, the executive vice president now directly owns 33,985 shares of the company’s stock, valued at approximately $2,903,678.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,984 shares of company stock valued at $1,301,796. 4.15% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Sun Communities in the second quarter valued at about $676,000. Public Employees Retirement System of Ohio raised its stake in Sun Communities by 4.9% in the second quarter. Public Employees Retirement System of Ohio now owns 109,992 shares of the real estate investment trust’s stock valued at $9,645,000 after purchasing an additional 5,141 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Sun Communities by 3.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 9,777 shares of the real estate investment trust’s stock valued at $857,000 after purchasing an additional 310 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Sun Communities by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock valued at $202,000 after purchasing an additional 178 shares in the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in Sun Communities by 476.5% in the second quarter. Cubist Systematic Strategies LLC now owns 12,222 shares of the real estate investment trust’s stock valued at $1,072,000 after purchasing an additional 10,102 shares in the last quarter. 94.31% of the stock is owned by institutional investors and hedge funds.
Sun Communities Company Profile
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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