Sun Communities Inc (SUI) Raised to “Buy” at Zacks Investment Research
Sun Communities Inc (NYSE:SUI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $94.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.72% from the company’s current price.
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 research firms also recently issued reports on SUI. Citigroup Inc downgraded Sun Communities from a “buy” rating to a “neutral” rating and set a $86.00 price target for the company. in a research report on Monday, February 27th. They noted that the move was a valuation call. Evercore ISI downgraded Sun Communities from a “buy” rating to a “hold” rating and boosted their price target for the company from $81.00 to $86.00 in a research report on Tuesday, February 28th. Finally, TheStreet downgraded Sun Communities from a “b-” rating to a “c+” rating in a research report on Friday, March 10th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $87.00.
Sun Communities (NYSE:SUI) opened at 84.90 on Friday. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of 194.28 and a beta of 0.38. The company’s 50-day moving average price is $83.28 and its 200 day moving average price is $78.75. Sun Communities has a 1-year low of $67.95 and a 1-year high of $86.67.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.03. Sun Communities had a return on equity of 6.38% and a net margin of 16.21%. The firm had revenue of $234.40 million during the quarter, compared to the consensus estimate of $194.89 million. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. On average, equities analysts expect that Sun Communities will post $1.04 earnings per share for the current fiscal year.
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In other Sun Communities news, COO John Bandini Mclaren sold 980 shares of the business’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $73.49, for a total transaction of $72,020.20. Following the transaction, the chief operating officer now owns 160,943 shares in the company, valued at $11,827,701.07. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Clunet R. Lewis sold 2,000 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $83.12, for a total value of $166,240.00. Following the transaction, the director now owns 18,800 shares in the company, valued at approximately $1,562,656. The disclosure for this sale can be found here. 5.14% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Sun Communities by 3,458.3% in the first quarter. BlackRock Inc. now owns 4,678,657 shares of the real estate investment trust’s stock worth $375,838,000 after buying an additional 4,547,170 shares in the last quarter. Norges Bank bought a new position in shares of Sun Communities during the fourth quarter worth approximately $41,895,000. Russell Investments Group Ltd. bought a new position in shares of Sun Communities during the fourth quarter worth approximately $40,247,000. V3 Capital Management L.P. boosted its position in shares of Sun Communities by 155.3% in the fourth quarter. V3 Capital Management L.P. now owns 608,425 shares of the real estate investment trust’s stock worth $46,611,000 after buying an additional 370,150 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 3,470,648 shares of the real estate investment trust’s stock worth $272,376,000 after buying an additional 327,096 shares in the last quarter. Institutional investors own 99.24% of the company’s stock.
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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