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

Zacks Investment Research lowered shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a research report report published on Friday morning, 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 lifted their price objective on shares of Sun Communities to $132.00 and gave the company an outperform rating in a research report on Monday, June 3rd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $124.60.

Shares of SUI opened at $147.06 on Friday. The firm has a market cap of $13.23 billion, a PE ratio of 32.11, a price-to-earnings-growth ratio of 5.26 and a beta of 0.24. The company’s 50 day simple moving average is $143.56 and its 200-day simple moving average is $129.03. Sun Communities has a 12-month low of $94.63 and a 12-month high of $151.64.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.67). Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The firm had revenue of $312.45 million during the quarter, compared to analysts’ expectations of $295.20 million. During the same quarter last year, the business earned $1.07 earnings per share. The business’s quarterly revenue was up 15.1% on a year-over-year basis. As a group, analysts expect that Sun Communities will post 4.88 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. Sun Communities’s dividend payout ratio (DPR) is 65.50%.

In other Sun Communities 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 value of $37,925.49. Following the completion of the sale, the director now owns 29,156 shares of the company’s stock, valued at $4,302,550.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO John Bandini Mclaren sold 7,410 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $146.74, for a total value of $1,087,343.40. Following the completion of the sale, the chief operating officer now directly owns 120,483 shares of the company’s stock, 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.

Institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC acquired a new stake in Sun Communities in the first quarter valued at $58,000. Whittier Trust Co. acquired a new stake in Sun Communities in the second quarter valued at $82,000. Altshuler Shaham Ltd lifted its holdings in Sun Communities by 94.1% in the second quarter. Altshuler Shaham Ltd now owns 720 shares of the real estate investment trust’s stock valued at $93,000 after acquiring an additional 349 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Sun Communities in the second quarter valued at $115,000. Finally, AdvisorNet Financial Inc lifted its holdings in Sun Communities by 351.0% in the second quarter. AdvisorNet Financial Inc now owns 902 shares of the real estate investment trust’s stock valued at $116,000 after acquiring an additional 702 shares during the period. 92.85% of the stock is owned by institutional investors.

About Sun Communities

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.

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