Evercore ISI Begins Coverage on Sun Communities Inc. (SUI)
Investment analysts at Evercore ISI began coverage on shares of Sun Communities Inc. (NYSE:SUI) in a research report issued to clients and investors on Friday, The Fly reports. The brokerage set a “buy” rating on the real estate investment trust’s stock.
Other research analysts also recently issued reports about the stock. Citigroup Inc. raised shares of Sun Communities from a “neutral” rating to a “buy” rating and increased their target price for the company from $80.00 to $86.00 in a research report on Monday, September 12th. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Wednesday, July 27th. TheStreet downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research report on Friday, August 26th. Finally, BMO Capital Markets raised shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Friday, September 16th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Sun Communities currently has an average rating of “Buy” and an average price target of $83.00.
Sun Communities (NYSE:SUI) opened at 78.57 on Friday. The firm has a market cap of $5.39 billion, a P/E ratio of 39.21 and a beta of 0.52. The firm has a 50 day moving average of $77.51 and a 200-day moving average of $74.08. Sun Communities has a 12 month low of $61.65 and a 12 month high of $85.98.
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Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. Sun Communities had a net margin of 19.60% and a return on equity of 8.30%. The business had revenue of $140 million for the quarter, compared to analyst estimates of $165.78 million. During the same period last year, the business earned $0.87 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts forecast that Sun Communities will post $3.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.31%. The ex-dividend date is Wednesday, September 28th. Sun Communities’s payout ratio is currently 122.64%.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $78.16, for a total transaction of $140,688.00. Following the transaction, the director now directly 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.14% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Inc. acquired a new position in shares of Sun Communities during the second quarter valued at about $150,000. Public Employees Retirement Association of Colorado purchased a new stake in Sun Communities during the second quarter valued at approximately $154,000. Quadrature Capital Ltd purchased a new stake in Sun Communities during the first quarter valued at approximately $208,000. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Sun Communities during the second quarter valued at approximately $211,000. Finally, BlackRock Japan Co. Ltd boosted its stake in Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 24 shares during the period. 93.27% of the stock is currently owned by institutional investors.
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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