Sun Communities Inc. (NYSE:SUI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
SUI has been the subject of a number of other research reports. BMO Capital Markets raised shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research report on Friday, September 16th. TheStreet downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Finally, Citigroup Inc. raised their target price on shares of Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $83.00.
Sun Communities (NYSE:SUI) traded down 2.41% on Wednesday, hitting $74.61. 291,598 shares of the stock traded hands. The firm’s 50 day moving average is $77.72 and its 200 day moving average is $73.81. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 37.23 and a beta of 0.52. Sun Communities has a 52 week low of $61.65 and a 52 week high of $85.98.
Sun Communities (NYSE:SUI) last released its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. The business earned $140 million during the quarter, compared to the consensus estimate of $165.78 million. Sun Communities had a net margin of 19.60% and a return on equity of 8.30%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 earnings per share. Equities analysts anticipate that Sun Communities will post $3.76 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, September 28th. Sun Communities’s dividend payout ratio is currently 122.64%.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the sale, the director now owns 18,400 shares in the company, valued at $1,438,144. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.14% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Japan Co. Ltd boosted its stake in shares of Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 24 shares in the last quarter. Commerce Bank boosted its stake in Sun Communities by 0.6% in the second quarter. Commerce Bank now owns 6,910 shares of the real estate investment trust’s stock worth $529,000 after buying an additional 40 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Sun Communities by 0.9% in the third quarter. BNP Paribas Arbitrage SA now owns 9,467 shares of the real estate investment trust’s stock worth $743,000 after buying an additional 81 shares in the last quarter. 1st Global Advisors Inc. boosted its stake in Sun Communities by 4.9% in the second quarter. 1st Global Advisors Inc. now owns 6,407 shares of the real estate investment trust’s stock worth $491,000 after buying an additional 301 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Sun Communities by 5.1% in the second quarter. Stifel Financial Corp now owns 7,167 shares of the real estate investment trust’s stock worth $550,000 after buying an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.
About Sun Communities
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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