Zacks Investment Research upgraded shares of Sun Communities (NYSE:SUI) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. The brokerage currently has $157.00 price objective 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, BMO Capital Markets increased their price target on shares of Sun Communities to $132.00 and gave the stock an outperform rating in a report on Monday, June 3rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $124.60.
Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.67). Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The business had revenue of $312.45 million during the quarter, compared to analysts’ expectations of $295.20 million. During the same period in the previous year, the company posted $1.07 earnings per share. Sun Communities’s quarterly revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts forecast that Sun Communities will post 4.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.00 annualized dividend and a yield of 2.06%. Sun Communities’s dividend payout ratio is currently 65.50%.
In other Sun Communities news, Director Arthur A. Weiss sold 257 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $147.57, for a total value of $37,925.49. Following the completion of the transaction, the director now directly owns 29,156 shares of the company’s stock, valued at $4,302,550.92. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO John Bandini Mclaren sold 7,410 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $146.74, for a total transaction of $1,087,343.40. Following the completion of the transaction, the chief operating officer now directly owns 120,483 shares of the company’s stock, valued at $17,679,675.42. The disclosure for this sale can be found here. Corporate insiders own 3.34% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Sun Communities by 12.8% in the fourth quarter. Geode Capital Management LLC now owns 1,073,705 shares of the real estate investment trust’s stock valued at $109,206,000 after purchasing an additional 121,836 shares during the last quarter. California Public Employees Retirement System grew its position in shares of Sun Communities by 0.3% in the first quarter. California Public Employees Retirement System now owns 135,657 shares of the real estate investment trust’s stock valued at $16,078,000 after purchasing an additional 467 shares during the last quarter. Raymond James & Associates grew its position in shares of Sun Communities by 3.5% in the first quarter. Raymond James & Associates now owns 25,113 shares of the real estate investment trust’s stock valued at $2,976,000 after purchasing an additional 838 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its position in shares of Sun Communities by 4.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 3,719 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 148 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Sun Communities by 12.3% in the first quarter. JPMorgan Chase & Co. now owns 174,836 shares of the real estate investment trust’s stock valued at $20,722,000 after purchasing an additional 19,151 shares during the last quarter. 92.81% of the stock is owned by institutional investors.
Sun Communities Company Profile
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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