Sun Communities, Inc. (SUI) Given Buy Rating at BMO Capital Markets
BMO Capital Markets reissued their buy rating on shares of Sun Communities, Inc. (NYSE:SUI) in a report published on Thursday. The firm currently has a $82.00 target price on the real estate investment trust’s stock.
SUI has been the topic of a number of other research reports. Evercore ISI initiated coverage on shares of Sun Communities in a research note on Friday, October 14th. They set a buy rating and a $85.00 price objective on the stock. Zacks Investment Research lowered shares of Sun Communities from a buy rating to a hold rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities presently has a consensus rating of Buy and a consensus price target of $81.40.
Sun Communities (NYSE:SUI) traded up 0.13% during mid-day trading on Thursday, reaching $77.89. 139,201 shares of the company traded hands. Sun Communities has a 52-week low of $62.58 and a 52-week high of $85.98. The stock has a market capitalization of $5.69 billion, a PE ratio of 45.28 and a beta of 0.42. The firm’s 50-day moving average is $74.70 and its 200 day moving average is $76.21.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Tuesday, November 1st. The real estate investment trust reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Sun Communities had a net margin of 16.21% and a return on equity of 6.38%. The firm had revenue of $249.70 million for the quarter, compared to analyst estimates of $146.83 million. During the same quarter last year, the firm posted $1.05 earnings per share. Sun Communities’s revenue for the quarter was up 34.7% compared to the same quarter last year. On average, equities research analysts expect that Sun Communities will post $0.50 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 20th. Stockholders of record on Saturday, December 31st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Wednesday, December 28th. Sun Communities’s payout ratio is currently 140.54%.
In other news, Director Stephanie W. Bergeron sold 4,850 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The shares were sold at an average price of $70.63, for a total transaction of $342,555.50. Following the completion of the sale, the director now owns 16,000 shares of the company’s stock, valued at $1,130,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan Colman sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $75.00, for a total transaction of $225,000.00. Following the sale, the executive vice president now directly owns 37,206 shares of the company’s stock, valued at approximately $2,790,450. The disclosure for this sale can be found here. Insiders own 5.14% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. D.A. Davidson & CO. increased its stake in Sun Communities by 0.5% in the third quarter. D.A. Davidson & CO. now owns 1,639 shares of the real estate investment trust’s stock worth $128,000 after buying an additional 8 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in Sun Communities during the third quarter worth $142,000. Advisor Group Inc. bought a new stake in Sun Communities during the second quarter worth $150,000. Public Employees Retirement Association of Colorado increased its stake in Sun Communities by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 2,014 shares of the real estate investment trust’s stock worth $158,000 after buying an additional 8 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new stake in Sun Communities during the second quarter worth $211,000. 98.24% of the stock is owned by institutional investors and hedge funds.
About Sun Communities
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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