Wells Fargo & Co Reiterates Hold Rating for Sun Communities (NYSE:SUI)

Wells Fargo & Co restated their hold rating on shares of Sun Communities (NYSE:SUI) in a report issued on Tuesday morning, AnalystRatings.com reports.

A number of other equities analysts have also commented on the stock. 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. Zacks Investment Research lowered shares of Sun Communities from a buy rating to a hold rating in a report on Friday, September 13th.

Shares of NYSE:SUI opened at $149.83 on Tuesday. The company’s fifty day moving average price is $144.70 and its 200-day moving average price is $129.71. The firm has a market capitalization of $13.59 billion, a price-to-earnings ratio of 32.71, a PEG ratio of 5.35 and a beta of 0.24. Sun Communities has a one year low of $94.63 and a one year high of $151.64.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $1.13 by ($0.67). The company had revenue of $312.45 million during the quarter, compared to the consensus estimate of $295.20 million. Sun Communities had a return on equity of 4.01% and a net margin of 11.05%. Sun Communities’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 EPS. As a group, research analysts forecast that Sun Communities will post 4.88 earnings per share for the current fiscal year.

The firm also recently announced 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. This represents a $3.00 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, September 27th. Sun Communities’s dividend payout ratio is currently 65.50%.

In related news, Director Arthur A. Weiss sold 257 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $147.57, for a total transaction of $37,925.49. Following the transaction, the director now owns 29,156 shares of the company’s stock, valued at approximately $4,302,550.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO John Bandini Mclaren sold 7,410 shares of the stock in a transaction on 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 transaction, the chief operating officer now directly owns 120,483 shares in the company, valued at approximately $17,679,675.42. The disclosure for this sale can be found here. 3.34% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SUI. Nuveen Asset Management LLC grew its holdings in shares of Sun Communities by 557.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,170,073 shares of the real estate investment trust’s stock valued at $278,181,000 after purchasing an additional 1,839,980 shares during the last quarter. APG Asset Management US Inc. bought a new position in shares of Sun Communities during the 2nd quarter valued at $78,006,000. BlackRock Inc. grew its holdings in shares of Sun Communities by 6.3% during the 2nd quarter. BlackRock Inc. now owns 7,433,229 shares of the real estate investment trust’s stock valued at $952,867,000 after purchasing an additional 438,673 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Sun Communities by 648.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 400,386 shares of the real estate investment trust’s stock valued at $51,325,000 after purchasing an additional 346,911 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Sun Communities by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 12,548,952 shares of the real estate investment trust’s stock valued at $1,608,650,000 after purchasing an additional 317,684 shares during the last quarter. 92.85% of the stock is currently owned by institutional investors.

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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