Sun Communities (SUI) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $101.00 price target 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. “
Other equities analysts have also issued reports about the company. ValuEngine raised Sun Communities from a hold rating to a buy rating in a report on Thursday, March 15th. BMO Capital Markets set a $97.00 target price on Sun Communities and gave the company a buy rating in a report on Wednesday, February 21st. Robert W. Baird reaffirmed a buy rating and set a $100.00 target price on shares of Sun Communities in a report on Monday, December 11th. Finally, Evercore ISI raised Sun Communities from an in-line rating to an outperform rating and set a $86.00 target price for the company in a report on Monday, December 4th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Sun Communities currently has an average rating of Buy and an average price target of $94.67.
Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The company had revenue of $242.00 million during the quarter, compared to analyst estimates of $207.51 million. Sun Communities had a return on equity of 2.98% and a net margin of 8.01%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. sell-side analysts predict that Sun Communities will post 4.54 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Thursday, March 29th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This is an increase from Sun Communities’s previous quarterly dividend of $0.67. This represents a $2.84 annualized dividend and a dividend yield of 3.18%. Sun Communities’s payout ratio is currently 315.29%.
In other news, Director Clunet R. Lewis sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $87.84, for a total transaction of $193,248.00. Following the completion of the transaction, the director now directly owns 19,400 shares in the company, valued at $1,704,096. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.15% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Cohen & Steers Inc. boosted its position in shares of Sun Communities by 0.4% during the third quarter. Cohen & Steers Inc. now owns 9,567,842 shares of the real estate investment trust’s stock worth $819,773,000 after buying an additional 41,383 shares during the period. BlackRock Inc. boosted its position in shares of Sun Communities by 0.6% during the fourth quarter. BlackRock Inc. now owns 5,646,104 shares of the real estate investment trust’s stock worth $523,847,000 after buying an additional 34,356 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 1.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,694,415 shares of the real estate investment trust’s stock worth $342,768,000 after buying an additional 61,270 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Sun Communities by 25.9% during the fourth quarter. Bank of New York Mellon Corp now owns 2,197,655 shares of the real estate investment trust’s stock worth $203,897,000 after buying an additional 452,380 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Sun Communities by 2.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,019,268 shares of the real estate investment trust’s stock worth $87,330,000 after buying an additional 25,291 shares during the period. Institutional investors and hedge funds own 94.64% of the company’s stock.
Sun Communities Company Profile
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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