BMO Capital Markets Reaffirms Buy Rating for Sun Communities, Inc. (SUI)
Sun Communities, Inc. (NYSE:SUI)‘s stock had its “buy” rating restated by stock analysts at BMO Capital Markets in a research note issued to investors on Monday. They presently have a $96.00 price objective on the real estate investment trust’s stock. BMO Capital Markets’ price objective indicates a potential upside of 8.13% from the stock’s previous close.
A number of other analysts have also recently commented on the company. BidaskClub cut Sun Communities from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $92.00 price target on shares of Sun Communities in a research report on Sunday, July 16th. Zacks Investment Research cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $95.00 price target on shares of Sun Communities in a research report on Friday, September 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Sun Communities presently has an average rating of “Hold” and a consensus target price of $91.71.
Sun Communities (NYSE SUI) traded down 0.74% on Monday, reaching $88.78. The company’s stock had a trading volume of 231,145 shares. The firm’s 50 day moving average price is $88.12 and its 200-day moving average price is $87.39. Sun Communities has a 1-year low of $69.90 and a 1-year high of $91.87. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 127.01 and a beta of 0.30.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.70. Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The company had revenue of $268.20 million during the quarter, compared to analysts’ expectations of $239.45 million. During the same quarter in the previous year, the firm posted $1.13 EPS. Equities analysts forecast that Sun Communities will post $0.99 earnings per share for the current year.
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In other news, COO John Bandini Mclaren sold 5,400 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total value of $477,522.00. Following the completion of the transaction, the chief operating officer now owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Clunet R. Lewis sold 1,292 shares of the business’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $86.52, for a total value of $111,783.84. Following the completion of the transaction, the director now directly owns 18,800 shares of the company’s stock, valued at approximately $1,626,576. The disclosure for this sale can be found here. In the last three months, insiders sold 14,984 shares of company stock valued at $1,301,796. Insiders own 4.15% of the company’s stock.
Several institutional investors have recently made changes to their positions in SUI. BlackRock Inc. increased its stake in shares of Sun Communities by 3,458.3% in the 1st quarter. BlackRock Inc. now owns 4,678,657 shares of the real estate investment trust’s stock valued at $375,838,000 after purchasing an additional 4,547,170 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Sun Communities by 303.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,532,663 shares of the real estate investment trust’s stock valued at $134,399,000 after purchasing an additional 1,152,596 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sun Communities by 9.4% in the 2nd quarter. Vanguard Group Inc. now owns 11,504,907 shares of the real estate investment trust’s stock valued at $1,008,865,000 after purchasing an additional 983,835 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of Sun Communities in the 2nd quarter valued at about $70,725,000. Finally, Renaissance Technologies LLC increased its stake in shares of Sun Communities by 305.2% in the 2nd quarter. Renaissance Technologies LLC now owns 676,700 shares of the real estate investment trust’s stock valued at $59,340,000 after purchasing an additional 509,700 shares in the last quarter. Hedge funds and other 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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