Shares of Sun Communities Inc. (NYSE:SUI) have earned an average rating of “Buy” from the six analysts that are presently covering the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $81.67.
A number of research analysts have recently weighed in on the company. Evercore ISI assumed coverage on Sun Communities in a research report on Friday. They set a “buy” rating for the company. TheStreet downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Citigroup Inc. increased their price target on shares of Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a report on Wednesday, July 27th. Finally, BMO Capital Markets raised shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Friday, September 16th.
Sun Communities (NYSE:SUI) traded down 0.414% on Friday, hitting $78.245. The company’s stock had a trading volume of 145,620 shares. The firm has a 50 day moving average of $77.51 and a 200 day moving average of $74.08. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 39.044 and a beta of 0.52. Sun Communities has a 12 month low of $61.65 and a 12 month high of $85.98.
Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. The firm earned $140 million during the quarter, compared to analyst estimates of $165.78 million. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share. Equities research analysts forecast that Sun Communities will post $3.76 earnings per share for the current fiscal year.
The company also recently disclosed 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 annualized dividend and a yield of 3.31%. The ex-dividend date is Wednesday, September 28th. Sun Communities’s payout ratio is currently 122.64%.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,438,144. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.14% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in SUI. Vanguard Group Inc. increased its stake in shares of Sun Communities by 5.6% in the second quarter. Vanguard Group Inc. now owns 8,933,185 shares of the real estate investment trust’s stock valued at $684,640,000 after buying an additional 475,765 shares during the last quarter. Cohen & Steers Inc. increased its stake in shares of Sun Communities by 5.4% in the second quarter. Cohen & Steers Inc. now owns 8,639,821 shares of the real estate investment trust’s stock valued at $662,156,000 after buying an additional 443,535 shares during the last quarter. Centerbridge Partners L.P. purchased a new stake in shares of Sun Communities during the second quarter valued at about $255,202,000. Cbre Clarion Securities LLC increased its stake in shares of Sun Communities by 16.6% in the second quarter. Cbre Clarion Securities LLC now owns 3,172,591 shares of the real estate investment trust’s stock valued at $243,147,000 after buying an additional 451,175 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Sun Communities by 2.0% in the second quarter. Daiwa Securities Group Inc. now owns 3,143,552 shares of the real estate investment trust’s stock valued at $240,922,000 after buying an additional 60,284 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.
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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