Zacks Investment Research upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $101.00 target price on the real estate investment trust’s stock.
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. “
A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets set a $97.00 price target on shares of Sun Communities and gave the company a buy rating in a research note on Wednesday, February 21st. Robert W. Baird cut shares of Sun Communities from an outperform rating to a neutral rating and dropped their price target for the company from $100.00 to $95.00 in a research note on Friday, January 5th. Evercore ISI raised shares of Sun Communities from an in-line rating to an outperform rating and set a $86.00 price target on the stock in a research note on Monday, December 4th. Finally, ValuEngine cut shares of Sun Communities from a buy rating to a hold rating in a research note on Tuesday, December 5th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $94.67.
Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. Sun Communities had a net margin of 8.01% and a return on equity of 2.98%. The firm had revenue of $242.00 million for the quarter, compared to analysts’ expectations of $207.51 million. During the same quarter last year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. research analysts anticipate that Sun Communities will post 4.54 earnings per share for the current year.
The firm also recently announced 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. This represents a $2.84 annualized dividend and a yield of 3.20%. The ex-dividend date is Wednesday, March 28th. This is a boost from Sun Communities’s previous quarterly dividend of $0.67. Sun Communities’s payout ratio is 315.29%.
In other Sun Communities news, Director Clunet R. Lewis sold 2,200 shares of Sun Communities stock in a transaction on Friday, February 23rd. The shares were 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 of the company’s stock, valued at approximately $1,704,096. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.15% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. American International Group Inc. acquired a new stake in Sun Communities during the 4th quarter worth $149,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Sun Communities during the 4th quarter valued at about $173,000. All Terrain Financial Advisors LLC acquired a new position in shares of Sun Communities during the 4th quarter valued at about $200,000. The Manufacturers Life Insurance Company boosted its position in shares of Sun Communities by 8.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock valued at $202,000 after acquiring an additional 178 shares during the last quarter. Finally, Shelton Capital Management acquired a new position in shares of Sun Communities during the 4th quarter valued at about $204,000. 94.64% of the stock is currently owned by institutional investors.
About Sun Communities
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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