Zacks Investment Research lowered shares of Sun Communities, Inc. (NYSE:SUI) from a hold rating to a sell rating in a research report released on Tuesday, July 25th.
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 have also commented on SUI. BidaskClub upgraded shares of Sun Communities from a buy rating to a strong-buy rating in a report on Tuesday, June 20th. Royal Bank Of Canada restated a buy rating and issued a $92.00 price objective on shares of Sun Communities in a report on Sunday, July 16th. Finally, Bank of America Corporation upgraded shares of Sun Communities from an underperform rating to a buy rating and set a $93.00 price objective for the company in a report on Monday, May 22nd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $90.17.
Sun Communities (NYSE SUI) traded down 1.05% during midday trading on Tuesday, hitting $88.78. 255,354 shares of the stock traded hands. Sun Communities has a 52 week low of $69.90 and a 52 week high of $91.37. The stock’s 50-day moving average price is $88.16 and its 200 day moving average price is $84.71. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 127.01 and a beta of 0.28.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.03. Sun Communities had a net margin of 6.82% and a return on equity of 2.59%. The firm had revenue of $237.90 million for the quarter, compared to the consensus estimate of $210.58 million. During the same quarter in the prior year, the company earned $0.85 earnings per share. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. On average, equities research analysts predict that Sun Communities will post $0.99 EPS for the current year.
In other news, COO John Bandini Mclaren sold 5,400 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $88.43, for a total value of $477,522.00. Following the sale, the chief operating officer now directly owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.15% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. QS Investors LLC increased its stake in shares of Sun Communities by 0.3% in the second quarter. QS Investors LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $326,000 after buying an additional 10 shares during the period. Comerica Bank increased its stake in shares of Sun Communities by 0.6% in the first quarter. Comerica Bank now owns 3,117 shares of the real estate investment trust’s stock valued at $263,000 after buying an additional 19 shares during the period. People s United Financial Inc. increased its stake in shares of Sun Communities by 0.3% in the second quarter. People s United Financial Inc. now owns 9,253 shares of the real estate investment trust’s stock valued at $812,000 after buying an additional 30 shares during the period. 1st Global Advisors Inc. increased its stake in shares of Sun Communities by 0.7% in the first quarter. 1st Global Advisors Inc. now owns 7,257 shares of the real estate investment trust’s stock valued at $583,000 after buying an additional 53 shares during the period. Finally, Wagner Bowman Management Corp increased its stake in shares of Sun Communities by 0.6% in the first quarter. Wagner Bowman Management Corp now owns 13,661 shares of the real estate investment trust’s stock valued at $1,097,000 after buying an additional 84 shares during the period. 89.21% of the stock is currently owned by institutional investors.
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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