Sun Communities (SUI) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a report published on Tuesday.

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 also recently issued reports on SUI. Robert W. Baird upgraded shares of Sun Communities from a neutral rating to an outperform rating in a report on Wednesday, February 7th. ValuEngine upgraded shares of Sun Communities from a hold rating to a buy rating in a report on Thursday, March 15th. Evercore ISI upgraded shares of Sun Communities from an in-line rating to an outperform rating and set a $86.00 price target on the stock in a report on Monday, December 4th. Finally, BMO Capital Markets set a $97.00 price target on shares of Sun Communities and gave the company a buy rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $94.67.

Shares of NYSE SUI opened at $91.12 on Tuesday. The firm has a market capitalization of $7,288.63, a price-to-earnings ratio of 21.88, a P/E/G ratio of 3.19 and a beta of 0.11. Sun Communities has a 52-week low of $80.12 and a 52-week high of $96.08.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The company had revenue of $242.00 million for the quarter, compared to the consensus estimate of $207.51 million. Sun Communities had a net margin of 8.01% and a return on equity of 2.98%. Sun Communities’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. equities research analysts predict that Sun Communities will post 4.54 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be paid a $0.71 dividend. This is a boost from Sun Communities’s previous quarterly dividend of $0.67. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, March 28th. Sun Communities’s dividend payout ratio (DPR) is presently 68.11%.

In other Sun Communities news, Director Clunet R. Lewis sold 2,200 shares of Sun Communities stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $87.84, for a total value of $193,248.00. Following the completion of the transaction, the director now directly owns 19,400 shares of the company’s stock, valued at approximately $1,704,096. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.15% of the company’s stock.

Large investors have recently modified their holdings of the business. M&T Bank Corp purchased a new position in shares of Sun Communities in the 4th quarter worth $209,000. Comerica Bank grew its stake in shares of Sun Communities by 86.3% in the 4th quarter. Comerica Bank now owns 6,735 shares of the real estate investment trust’s stock worth $609,000 after buying an additional 3,120 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Sun Communities by 7.4% in the 4th quarter. State of Alaska Department of Revenue now owns 54,220 shares of the real estate investment trust’s stock worth $5,029,000 after buying an additional 3,750 shares in the last quarter. Swiss National Bank grew its stake in shares of Sun Communities by 3.1% in the 4th quarter. Swiss National Bank now owns 134,531 shares of the real estate investment trust’s stock worth $12,482,000 after buying an additional 4,000 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in shares of Sun Communities by 10.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 46,913 shares of the real estate investment trust’s stock worth $4,007,000 after buying an additional 4,513 shares in the last quarter. 94.64% of the stock is owned by institutional investors and hedge funds.

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Sun Communities Company Profile

Sun Communities, Inc provides real estate management services. The company operates through the following segments: Real Property Operations and Home Sales & Rentals. The Real Property Operations segment owns, operates, and develops manufacture housing communities and recreational vehicle communities throughout the United States and is in the business of acquiring, operating, and expanding manufactured housing and recreational vehicle communities.

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