Evercore ISI started coverage on shares of Sun Communities Inc. (NYSE:SUI) in a report released on Friday morning. The brokerage issued a buy rating and a $85.00 price objective on the real estate investment trust’s stock.
A number of other brokerages have also commented on SUI. BMO Capital Markets upgraded Sun Communities from a market perform rating to an outperform rating and set a $85.00 target price for the company in a research note on Friday, September 16th. TheStreet lowered Sun Communities from a buy rating to a hold rating in a research note on Friday, August 26th. Citigroup Inc. upgraded Sun Communities from a neutral rating to a buy rating and upped their target price for the company from $80.00 to $86.00 in a research note on Monday, September 12th. Finally, Zacks Investment Research lowered Sun Communities from a buy rating to a hold rating in a research note on Wednesday, October 5th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $83.40.
Shares of Sun Communities (NYSE:SUI) opened at 78.93 on Friday. The company has a 50-day moving average of $77.77 and a 200 day moving average of $74.31. Sun Communities has a 12-month low of $61.65 and a 12-month high of $85.98. The firm has a market cap of $5.42 billion, a P/E ratio of 39.39 and a beta of 0.52.
Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.03. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The company earned $140 million during the quarter, compared to analysts’ expectations of $165.78 million. During the same period in the prior year, the business earned $0.87 earnings per share. Sun Communities’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts predict that Sun Communities will post $3.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were issued a $0.65 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a yield of 3.29%. Sun Communities’s payout ratio is presently 122.64%.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the transaction, the director now owns 18,400 shares of the company’s stock, valued at approximately $1,438,144. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.14% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of SUI. Shinko Asset Management Co. Ltd. raised its stake in Sun Communities by 14,305.3% in the second quarter. Shinko Asset Management Co. Ltd. now owns 374,538 shares of the real estate investment trust’s stock worth $28,705,000 after buying an additional 371,938 shares during the period. Daiwa Securities Group Inc. raised its stake in 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 worth $240,922,000 after buying an additional 60,284 shares during the period. State Street Corp raised its stake in Sun Communities by 3.2% in the first quarter. State Street Corp now owns 1,853,072 shares of the real estate investment trust’s stock worth $132,701,000 after buying an additional 57,498 shares during the period. Geode Capital Management LLC raised its stake in Sun Communities by 7.2% in the first quarter. Geode Capital Management LLC now owns 473,079 shares of the real estate investment trust’s stock worth $33,877,000 after buying an additional 31,936 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Sun Communities by 4.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,097,222 shares of the real estate investment trust’s stock worth $150,182,000 after buying an additional 80,780 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.
Sun Communities Company Profile
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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