Zacks Investment Research lowered shares of Sun Communities (NYSE:SUI) from a hold rating to a sell rating in a research report sent to investors on Thursday.
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 analysts have also recently issued reports on the company. BMO Capital Markets upped their price objective on Sun Communities to $109.00 and gave the stock an outperform rating in a research report on Tuesday, September 11th. Royal Bank of Canada upped their price objective on Sun Communities to $105.00 and gave the stock an above average rating in a research report on Thursday, August 30th. They noted that the move was a valuation call. Robert W. Baird upped their price objective on Sun Communities from $102.00 to $106.00 and gave the stock an outperform rating in a research report on Monday, September 17th. Wells Fargo & Co upped their price objective on Sun Communities from $103.00 to $108.00 and gave the stock an outperform rating in a research report on Friday, August 24th. Finally, Citigroup upped their price objective on Sun Communities from $100.00 to $105.00 and gave the stock a hold rating in a research report on Monday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $104.57.
NYSE:SUI opened at $99.57 on Thursday. The stock has a market cap of $8.60 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 3.33 and a beta of 0.08. Sun Communities has a 1 year low of $80.12 and a 1 year high of $103.74.
Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, October 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.07. The business had revenue of $323.54 million during the quarter, compared to analysts’ expectations of $292.22 million. Sun Communities had a return on equity of 3.95% and a net margin of 10.16%. Equities research analysts predict that Sun Communities will post 4.59 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a dividend of $0.71 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.84 annualized dividend and a dividend yield of 2.85%. Sun Communities’s dividend payout ratio is currently 68.11%.
In related news, Director Clunet R. Lewis sold 1,200 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $99.95, for a total value of $119,940.00. Following the completion of the sale, the director now directly owns 19,400 shares of the company’s stock, valued at approximately $1,939,030. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.69% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Winslow Evans & Crocker Inc. acquired a new stake in shares of Sun Communities in the 3rd quarter valued at about $126,000. Qube Research & Technologies Ltd acquired a new stake in shares of Sun Communities in the 2nd quarter valued at about $137,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Sun Communities in the 3rd quarter valued at about $162,000. Hartford Investment Management Co. acquired a new stake in shares of Sun Communities in the 2nd quarter valued at about $210,000. Finally, Raymond James Trust N.A. acquired a new stake in shares of Sun Communities in the 3rd quarter valued at about $223,000. 87.78% of the stock is owned by hedge funds and other institutional investors.
About Sun Communities
Sun Communities, Inc is a REIT that, as of June 30, 2018, owned, operated, or had an interest in a portfolio of 367 communities comprising approximately 126,000 developed sites in 31 states and Ontario, Canada. For more information about Sun Communities, Inc, please visit www.suncommunities.com.
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