Zacks Investment Research Lowers Sun Communities (SUI) to Hold

Zacks Investment Research downgraded shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a report issued on Tuesday morning.

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. “

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Several other research analysts also recently commented on SUI. 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. ValuEngine downgraded shares of Sun Communities from a buy rating to a hold rating in a research note on Tuesday, December 5th. Robert W. Baird reissued a buy rating and set a $100.00 price target on shares of Sun Communities in a research note on Monday, December 11th. Finally, BMO Capital Markets set a $97.00 price target on shares of Sun Communities and gave the stock a buy rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $94.67.

SUI stock opened at $91.25 on Tuesday. The company has a market cap of $7,316.59, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 3.20 and a beta of 0.11. Sun Communities has a one year low of $80.12 and a one year high of $96.08.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 EPS for the quarter, hitting the consensus estimate of $0.98. The firm had revenue of $242.00 million for the quarter, compared to the consensus estimate of $207.51 million. Sun Communities had a net margin of 8.01% and a return on equity of 2.98%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. sell-side analysts predict that Sun Communities will post 4.54 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.11%. This is an increase from Sun Communities’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Wednesday, March 28th. Sun Communities’s payout ratio is presently 68.11%.

In related 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 value of $193,248.00. Following the transaction, the director now directly owns 19,400 shares of the company’s stock, valued at $1,704,096. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.15% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its stake in shares of Sun Communities by 8.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock worth $202,000 after buying an additional 178 shares during the period. Raymond James & Associates increased its stake in shares of Sun Communities by 2.7% in the fourth quarter. Raymond James & Associates now owns 23,487 shares of the real estate investment trust’s stock worth $2,179,000 after buying an additional 610 shares during the period. California State Teachers Retirement System increased its stake in shares of Sun Communities by 0.6% in the fourth quarter. California State Teachers Retirement System now owns 129,059 shares of the real estate investment trust’s stock worth $11,974,000 after buying an additional 740 shares during the period. California Public Employees Retirement System increased its stake in shares of Sun Communities by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 141,097 shares of the real estate investment trust’s stock worth $13,091,000 after buying an additional 778 shares during the period. Finally, Amalgamated Bank increased its stake in shares of Sun Communities by 6.2% in the fourth quarter. Amalgamated Bank now owns 14,717 shares of the real estate investment trust’s stock worth $1,365,000 after buying an additional 860 shares during the period. 94.64% of the stock is currently owned by institutional investors.

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Sun Communities Company Profile

Sun Communities, Inc provides real estate management services. The company operates through the following segments: Real Property Operations and Home Sales & Rentals. The Real Property Operations segment owns, operates, and develops manufacture housing communities and recreational vehicle communities throughout the United States and is in the business of acquiring, operating, and expanding manufactured housing and recreational vehicle communities.

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