Zacks Investment Research Lowers Sun Communities, Inc. (SUI) to Sell
Sun Communities, Inc. (NYSE:SUI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
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. “
Several other brokerages also recently weighed in on SUI. BidaskClub raised shares of Sun Communities from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada reissued a “buy” rating and issued a $92.00 target price on shares of Sun Communities in a research note on Sunday, July 16th. Finally, Bank of America Corporation raised 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 note on Monday, May 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $90.17.
Shares of Sun Communities (NYSE SUI) opened at 89.15 on Tuesday. Sun Communities has a one year low of $69.90 and a one year high of $91.37. The company has a market cap of $6.58 billion, a price-to-earnings ratio of 204.00 and a beta of 0.29. The firm has a 50-day moving average of $88.56 and a 200-day moving average of $83.40.
Sun Communities (NYSE:SUI) last announced its earnings results on Thursday, April 27th. The real estate investment trust reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.03. Sun Communities had a net margin of 4.65% and a return on equity of 1.80%. The business had revenue of $234.40 million for the quarter, compared to the consensus estimate of $194.89 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities research analysts forecast that Sun Communities will post $1.09 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Comerica Bank bought a new position in Sun Communities during the fourth quarter worth approximately $241,000. Metropolitan Life Insurance Co. NY boosted its position in shares of Sun Communities by 8.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,561 shares of the real estate investment trust’s stock valued at $426,000 after buying an additional 435 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Sun Communities by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 646,573 shares of the real estate investment trust’s stock valued at $49,534,000 after buying an additional 27,774 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Sun Communities by 3.5% in the fourth quarter. Macquarie Group Ltd. now owns 20,800 shares of the real estate investment trust’s stock valued at $1,593,000 after buying an additional 700 shares during the last quarter. Finally, Spirit of America Management Corp NY boosted its position in shares of Sun Communities by 9.9% in the first quarter. Spirit of America Management Corp NY now owns 22,200 shares of the real estate investment trust’s stock valued at $1,784,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 88.28% 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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