Zacks Investment Research Downgrades Sun Communities (NYSE:SUI) to Hold

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Zacks Investment Research cut shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a report published on Friday, Zacks.com reports.

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. “

Separately, BMO Capital Markets raised their price objective on Sun Communities to $132.00 and gave the stock an outperform rating in a research note on Monday, June 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $124.60.

SUI stock opened at $145.66 on Friday. The business’s fifty day moving average is $142.78 and its 200-day moving average is $128.54. The company has a market cap of $13.23 billion, a P/E ratio of 31.80, a price-to-earnings-growth ratio of 5.26 and a beta of 0.24. Sun Communities has a twelve month low of $94.63 and a twelve month high of $151.64.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.67). The company had revenue of $312.45 million during the quarter, compared to analyst estimates of $295.20 million. Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. Analysts predict that Sun Communities will post 4.88 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.06%. The ex-dividend date is Friday, September 27th. Sun Communities’s payout ratio is presently 65.50%.

In related news, Director Arthur A. Weiss sold 257 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $147.57, for a total transaction of $37,925.49. Following the sale, the director now owns 29,156 shares of the company’s stock, valued at approximately $4,302,550.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO John Bandini Mclaren sold 7,410 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $146.74, for a total value of $1,087,343.40. Following the sale, the chief operating officer now directly owns 120,483 shares in the company, valued at approximately $17,679,675.42. The disclosure for this sale can be found here. Company insiders own 3.34% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUI. Penserra Capital Management LLC acquired a new stake in shares of Sun Communities in the 1st quarter valued at about $58,000. Whittier Trust Co. acquired a new stake in shares of Sun Communities in the 2nd quarter valued at about $82,000. Altshuler Shaham Ltd raised its stake in shares of Sun Communities by 94.1% in the 2nd quarter. Altshuler Shaham Ltd now owns 720 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 349 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Sun Communities in the 2nd quarter valued at about $115,000. Finally, AdvisorNet Financial Inc raised its stake in shares of Sun Communities by 351.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 902 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 702 shares during the period. 92.81% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Company Profile

Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

Further Reading: What does the Producer Price Index (PPI) tell investors?

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