ValuEngine upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a report published on Thursday, March 15th.
Several other research firms have also recently commented on SUI. Robert W. Baird reiterated a buy rating and issued a $100.00 price target on shares of Sun Communities in a research note on Monday, December 11th. Evercore ISI upgraded Sun Communities from an in-line rating to an outperform rating and set a $86.00 price objective on the stock in a research note on Monday, December 4th. Zacks Investment Research cut Sun Communities from a buy rating to a hold rating in a research note on Thursday, December 28th. Finally, BMO Capital Markets set a $97.00 price objective on Sun Communities and gave the company a buy rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $94.67.
Shares of NYSE:SUI traded down $0.13 during trading on Thursday, hitting $91.12. The company’s stock had a trading volume of 432,751 shares, compared to its average volume of 428,213. Sun Communities has a fifty-two week low of $80.12 and a fifty-two week high of $96.08. The stock has a market cap of $7,288.63, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 3.19 and a beta of 0.11.
Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Sun Communities had a return on equity of 2.98% and a net margin of 8.01%. The business had revenue of $242.00 million for the quarter, compared to analysts’ expectations of $207.51 million. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. equities research analysts expect that Sun Communities will post 4.54 EPS for the current fiscal year.
The company 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 dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.84 annualized dividend and a yield of 3.12%. This is a boost from Sun Communities’s previous quarterly dividend of $0.67. Sun Communities’s dividend payout ratio is presently 68.11%.
In other Sun Communities news, Director Clunet R. Lewis sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $87.84, for a total transaction of $193,248.00. Following the sale, the director now owns 19,400 shares in the company, valued at $1,704,096. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.15% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. raised its position in shares of Sun Communities by 3,848.1% during the 4th quarter. American Century Companies Inc. now owns 609,195 shares of the real estate investment trust’s stock worth $56,521,000 after purchasing an additional 593,765 shares during the period. Bank of New York Mellon Corp raised its position in shares of Sun Communities by 25.9% during the 4th quarter. Bank of New York Mellon Corp now owns 2,197,655 shares of the real estate investment trust’s stock worth $203,897,000 after purchasing an additional 452,380 shares during the period. Renaissance Technologies LLC raised its position in shares of Sun Communities by 52.1% during the 4th quarter. Renaissance Technologies LLC now owns 857,200 shares of the real estate investment trust’s stock worth $79,531,000 after purchasing an additional 293,600 shares during the period. Capital Growth Management LP raised its position in shares of Sun Communities by 77.6% during the 3rd quarter. Capital Growth Management LP now owns 515,000 shares of the real estate investment trust’s stock worth $44,125,000 after purchasing an additional 225,000 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Sun Communities during the 3rd quarter worth approximately $14,651,000. Hedge funds and other institutional investors own 94.64% of the company’s stock.
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About Sun Communities
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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