Sun Communities, Inc. (SUI) Upgraded 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 note issued to investors on Friday. The firm presently has a $102.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.68% 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. Bank of America Corporation upgraded shares of Sun Communities from an “underperform” rating to a “buy” rating and set a $93.00 target price on the stock in a research report on Monday, May 22nd. Evercore ISI downgraded shares of Sun Communities from a “buy” rating to a “hold” rating and upped their target price for the company from $81.00 to $86.00 in a research report on Tuesday, February 28th. TheStreet downgraded shares of Sun Communities from a “b-” rating to a “c+” rating in a research report on Friday, March 10th. Citigroup Inc. downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Monday, February 27th. They noted that the move was a valuation call. Finally, Royal Bank Of Canada started coverage on Sun Communities in a research note on Thursday, June 1st. They issued an “outperform” rating and a $92.00 price target for the company. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $90.17.
Sun Communities (SUI) opened at 90.52 on Friday. The firm has a market cap of $6.68 billion, a PE ratio of 207.14 and a beta of 0.32. The stock has a 50 day moving average of $86.52 and a 200 day moving average of $81.20. Sun Communities has a 52 week low of $69.90 and a 52 week high of $91.37.
Sun Communities (NYSE:SUI) last released its earnings results on Thursday, April 27th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.03. Sun Communities had a net margin of 4.65% and a return on equity of 1.80%. The company had revenue of $234.40 million for the quarter, compared to the consensus estimate of $194.89 million. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up 34.2% compared to the same quarter last year. Analysts anticipate that Sun Communities will post $1.08 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.68 dividend on an annualized basis and a yield of 2.96%. Sun Communities’s payout ratio is 638.11%.
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A number of hedge funds have recently bought and sold shares of the company. Norris Perne & French LLP MI acquired a new position in shares of Sun Communities during the first quarter valued at $201,000. Laurion Capital Management LP acquired a new position in shares of Sun Communities during the first quarter valued at $201,000. Comerica Bank acquired a new position in shares of Sun Communities during the fourth quarter valued at $241,000. PNC Financial Services Group Inc. boosted its position in shares of Sun Communities by 18.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,067 shares of the real estate investment trust’s stock valued at $247,000 after buying an additional 469 shares in the last quarter. Finally, Douglas Lane & Associates LLC acquired a new position in shares of Sun Communities during the first quarter valued at $249,000. 88.81% of the stock is owned by institutional investors and hedge funds.
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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