Zacks Investment Research Lowers Sun Communities, Inc. (SUI) to Sell
Zacks Investment Research lowered shares of Sun Communities, Inc. (NYSE:SUI) from a hold rating to a sell rating in a research report sent to investors on Thursday 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. “
Several other research firms also recently weighed in on SUI. Robert W. Baird reiterated a buy rating and set a $95.00 target price on shares of Sun Communities in a research report on Friday, September 8th. BMO Capital Markets assumed coverage on Sun Communities in a research report on Monday, October 9th. They set an outperform rating and a $96.00 target price on the stock. BidaskClub downgraded Sun Communities from a strong-buy rating to a buy rating in a research report on Friday, June 30th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $92.00 target price on shares of Sun Communities in a research report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $91.71.
Shares of Sun Communities (SUI) opened at 89.44 on Thursday. The firm has a market capitalization of $7.07 billion, a P/E ratio of 127.95 and a beta of 0.30. The firm has a 50 day moving average price of $88.18 and a 200-day moving average price of $87.24. Sun Communities has a 52 week low of $69.90 and a 52 week high of $91.87.
Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $237.90 million for the quarter, compared to analysts’ expectations of $210.58 million. During the same quarter last year, the company posted $0.85 earnings per share. The business’s quarterly revenue was up 24.7% compared to the same quarter last year. Equities research analysts predict that Sun Communities will post $0.99 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a dividend of $0.67 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $2.68 annualized dividend and a yield of 3.00%. Sun Communities’s dividend payout ratio (DPR) is presently 382.86%.
In other Sun Communities news, Director Clunet R. Lewis sold 5,292 shares of the company’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $86.20, for a total transaction of $456,170.40. Following the completion of the sale, the director now directly owns 18,800 shares in the company, valued at $1,620,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jonathan Colman sold 3,000 shares of the company’s stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $85.44, for a total value of $256,320.00. Following the sale, the executive vice president now owns 33,985 shares of the company’s stock, valued at $2,903,678.40. The disclosure for this sale can be found here. Insiders have sold 14,984 shares of company stock valued at $1,301,796 over the last 90 days. 4.15% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd acquired a new stake in Sun Communities during the second quarter worth about $676,000. Public Employees Retirement System of Ohio increased its stake in Sun Communities by 4.9% during the second quarter. Public Employees Retirement System of Ohio now owns 109,992 shares of the real estate investment trust’s stock worth $9,645,000 after acquiring an additional 5,141 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Sun Communities by 3.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 9,777 shares of the real estate investment trust’s stock worth $857,000 after acquiring an additional 310 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Sun Communities by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock worth $202,000 after acquiring an additional 178 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Sun Communities by 476.5% during the second quarter. Cubist Systematic Strategies LLC now owns 12,222 shares of the real estate investment trust’s stock worth $1,072,000 after acquiring an additional 10,102 shares during the last quarter. Institutional investors own 94.31% of the company’s stock.
About Sun Communities
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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