Sun Communities, Inc. (SUI) Upgraded to “Hold” at Zacks Investment Research
Sun Communities, Inc. (NYSE:SUI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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 brokerages also recently weighed in on SUI. BMO Capital Markets initiated coverage on shares of Sun Communities in a research note on Monday, October 9th. They issued an “outperform” rating and a $96.00 target price for the company. 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. BidaskClub downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Robert W. Baird reissued a “buy” rating and issued a $95.00 target price on shares of Sun Communities in a research note on Friday, September 8th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Sun Communities presently has a consensus rating of “Buy” and a consensus price target of $92.29.
Sun Communities (NYSE:SUI) last released its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.79. The business had revenue of $268.20 million during the quarter, compared to the consensus estimate of $239.45 million. Sun Communities had a return on equity of 2.76% and a net margin of 7.37%. During the same quarter in the previous year, the company posted $1.13 EPS.
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In related news, EVP Jonathan Colman sold 3,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $85.44, for a total value of $256,320.00. Following the completion of the transaction, the executive vice president now owns 33,985 shares of the company’s stock, valued at approximately $2,903,678.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction 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. Insiders sold a total of 9,584 shares of company stock valued at $824,274 in the last three months. 4.15% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in shares of Sun Communities by 303.3% during 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 acquiring an additional 1,152,596 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Sun Communities by 9.4% during 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 acquiring an additional 983,835 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of Sun Communities during the 2nd quarter valued at about $70,725,000. Renaissance Technologies LLC increased its stake in shares of Sun Communities by 305.2% during 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 acquiring an additional 509,700 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Sun Communities by 9.7% during the 2nd quarter. BlackRock Inc. now owns 5,132,844 shares of the real estate investment trust’s stock valued at $450,100,000 after acquiring an additional 454,187 shares during the last quarter. 94.57% of the stock is owned by hedge funds and other institutional investors.
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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