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 note issued to investors on Thursday.
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 equities research analysts also recently weighed in on SUI. BidaskClub downgraded shares of Sun Communities from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $92.00 price target on shares of Sun Communities in a research note on Sunday, July 16th. Robert W. Baird reaffirmed a “buy” rating and issued a $95.00 price target on shares of Sun Communities in a research note on Friday, September 8th. Finally, BMO Capital Markets started coverage on shares of Sun Communities in a research note on Monday, October 9th. They issued an “outperform” rating and a $96.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Sun Communities has an average rating of “Hold” and an average target price of $91.71.
Shares of Sun Communities (NYSE SUI) traded down 0.19% during midday trading on Thursday, reaching $89.44. 248,338 shares of the company’s stock were exchanged. Sun Communities has a 12-month low of $69.90 and a 12-month high of $91.87. The stock’s 50 day moving average is $88.18 and its 200-day moving average is $87.24. The stock has a market cap of $7.07 billion, a PE ratio of 127.95 and a beta of 0.30.
Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.03). Sun Communities had a net margin of 6.82% and a return on equity of 2.59%. The firm had revenue of $237.90 million during the quarter, compared to analysts’ expectations of $210.58 million. During the same period in the prior year, the company posted $0.85 EPS. The company’s revenue was up 24.7% compared to the same quarter last year. On average, equities analysts expect that Sun Communities will post $0.99 EPS for the current year.
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In other Sun Communities news, EVP Jonathan Colman sold 3,000 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $85.44, for a total transaction of $256,320.00. Following the transaction, the executive vice president now directly owns 33,985 shares in the company, valued at approximately $2,903,678.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO John Bandini Mclaren sold 5,400 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total transaction of $477,522.00. Following the transaction, the chief operating officer now owns 153,159 shares in the company, valued at $13,543,850.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,984 shares of company stock worth $1,301,796. 4.15% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the business. Thrivent Financial For Lutherans grew its holdings in Sun Communities by 0.3% during the 1st quarter. Thrivent Financial For Lutherans now owns 60,971 shares of the real estate investment trust’s stock worth $4,898,000 after acquiring an additional 200 shares in the last quarter. UBS Group AG boosted its holdings in shares of Sun Communities by 29.5% in the 1st quarter. UBS Group AG now owns 66,239 shares of the real estate investment trust’s stock valued at $5,322,000 after buying an additional 15,087 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Sun Communities by 17.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 621,487 shares of the real estate investment trust’s stock valued at $54,499,000 after buying an additional 92,444 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Sun Communities by 18.3% in the 1st quarter. Morgan Stanley now owns 170,543 shares of the real estate investment trust’s stock valued at $13,699,000 after buying an additional 26,419 shares in the last quarter. Finally, Credit Suisse AG boosted its holdings in shares of Sun Communities by 4.6% in the 1st quarter. Credit Suisse AG now owns 425,958 shares of the real estate investment trust’s stock valued at $34,218,000 after buying an additional 18,726 shares in the last quarter. Institutional investors own 94.31% 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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