Sun Communities (SUI) Upgraded by Evercore ISI to Outperform

Sun Communities (NYSE:SUI) was upgraded by investment analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $86.00 price objective on the real estate investment trust’s stock. Evercore ISI’s price target indicates a potential downside of 8.25% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. BMO Capital Markets restated a “buy” rating and issued a $96.00 target price on shares of Sun Communities in a report on Monday, October 23rd. Zacks Investment Research lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Thursday, October 19th. Royal Bank Of Canada upped their target price on shares of Sun Communities from $95.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. ValuEngine upgraded shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Finally, Robert W. Baird reiterated a “buy” rating and set a $95.00 price objective on shares of Sun Communities in a report on Friday, September 8th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Sun Communities currently has an average rating of “Buy” and an average target price of $92.29.

Sun Communities (NYSE SUI) traded up $0.67 during trading hours on Monday, reaching $93.73. 289,900 shares of the company’s stock were exchanged, compared to its average volume of 357,805. The stock has a market cap of $7,436.78, a price-to-earnings ratio of 22.86, a price-to-earnings-growth ratio of 3.58 and a beta of 0.27. Sun Communities has a 52 week low of $71.27 and a 52 week high of $93.98.

Sun Communities (NYSE:SUI) last released its earnings results on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.79. The company had revenue of $268.20 million for the quarter, compared to analyst estimates of $239.45 million. Sun Communities had a net margin of 7.37% and a return on equity of 2.76%. During the same period in the prior year, the firm earned $1.13 EPS. equities analysts anticipate that Sun Communities will post 4.16 EPS for the current year.

In other news, EVP Jonathan Colman sold 2,000 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $93.21, for a total transaction of $186,420.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Clunet R. Lewis sold 1,292 shares of the stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $86.52, for a total transaction of $111,783.84. Following the transaction, the director now owns 18,800 shares in the company, valued at $1,626,576. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,584 shares of company stock worth $1,010,694. Insiders own 4.15% of the company’s stock.

Several hedge funds have recently made changes to their positions in SUI. Bank of New York Mellon Corp increased its position in Sun Communities by 303.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,532,663 shares of the real estate investment trust’s stock worth $134,399,000 after purchasing an additional 1,152,596 shares in the last quarter. Vanguard Group Inc. increased its position in Sun Communities by 9.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,504,907 shares of the real estate investment trust’s stock worth $1,008,865,000 after purchasing an additional 983,835 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Sun Communities during the 2nd quarter worth approximately $70,725,000. Renaissance Technologies LLC increased its position in Sun Communities by 305.2% during the 2nd quarter. Renaissance Technologies LLC now owns 676,700 shares of the real estate investment trust’s stock worth $59,340,000 after purchasing an additional 509,700 shares in the last quarter. Finally, BlackRock Inc. increased its position in Sun Communities by 9.7% during the 2nd quarter. BlackRock Inc. now owns 5,132,844 shares of the real estate investment trust’s stock worth $450,100,000 after purchasing an additional 454,187 shares in the last quarter. Institutional investors and hedge funds own 93.62% of the company’s stock.

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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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