Sun Communities (SUI) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. They currently have $141.00 target price on the real estate investment trust’s stock.
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. “
Separately, Wells Fargo & Co downgraded Sun Communities from an outperform rating to a market perform rating and set a $118.00 price objective on the stock. in a report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities currently has a consensus rating of Buy and an average price target of $114.83.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.06. Sun Communities had a return on equity of 3.76% and a net margin of 10.00%. The firm had revenue of $287.33 million during the quarter, compared to analyst estimates of $279.54 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. The company’s revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts forecast that Sun Communities will post 4.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $3.00 annualized dividend and a dividend yield of 2.38%. Sun Communities’s dividend payout ratio is currently 65.50%.
In other Sun Communities news, Director Arthur A. Weiss purchased 257,179 shares of Sun Communities stock in a transaction that occurred on Tuesday, March 12th. The shares were bought at an average price of $117.84 per share, for a total transaction of $30,305,973.36. Following the acquisition, the director now directly owns 29,156 shares in the company, valued at $3,435,743.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary A. Shiffman sold 12,859 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $117.84, for a total value of $1,515,304.56. Following the transaction, the chief executive officer now owns 1,418,466 shares in the company, valued at approximately $167,152,033.44. The disclosure for this sale can be found here. 3.34% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in SUI. Ffcm LLC purchased a new position in Sun Communities during the 4th quarter valued at about $26,000. Lindbrook Capital LLC purchased a new position in Sun Communities during the 4th quarter valued at about $31,000. Coastal Investment Advisors Inc. purchased a new position in Sun Communities during the 1st quarter valued at about $43,000. Altshuler Shaham Ltd increased its holdings in Sun Communities by 44.4% during the 1st quarter. Altshuler Shaham Ltd now owns 371 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 114 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in Sun Communities during the 1st quarter valued at about $58,000. Institutional investors own 93.10% of the company’s stock.
About Sun Communities
Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.
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