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 analysts also recently commented on SUI. Citigroup Inc. increased their target price on Sun Communities from $70.00 to $80.00 and gave the company a neutral rating in a research note on Thursday, July 7th. TheStreet downgraded Sun Communities from a buy rating to a hold rating in a research note on Friday, August 26th. Finally, BMO Capital Markets upgraded Sun Communities from a market perform rating to an outperform rating and set a $85.00 target price on the stock in a research note on Friday, September 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $83.00.
Sun Communities (NYSE:SUI) traded up 0.78% during trading on Wednesday, reaching $75.04. The company had a trading volume of 172,206 shares. Sun Communities has a one year low of $61.65 and a one year high of $85.98. The firm’s 50-day moving average price is $77.65 and its 200 day moving average price is $73.81. The firm has a market capitalization of $5.15 billion, a P/E ratio of 37.45 and a beta of 0.52.
Sun Communities (NYSE:SUI) last issued its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 EPS for the quarter, beating the consensus estimate of $0.82 by $0.03. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The business had revenue of $140 million for the quarter, compared to the consensus estimate of $165.78 million. During the same period last year, the business posted $0.87 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. Equities analysts forecast that Sun Communities will post $3.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 3.49%. Sun Communities’s payout ratio is 122.64%.
In other news, Director Clunet R. Lewis sold 1,800 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total transaction of $140,688.00. Following the transaction, the director now directly owns 18,400 shares of the company’s stock, valued at approximately $1,438,144. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.14% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services Inc boosted its position in Sun Communities by 28.5% in the first quarter. Commonwealth Equity Services Inc now owns 14,438 shares of the real estate investment trust’s stock valued at $1,034,000 after buying an additional 3,206 shares during the last quarter. Virginia Retirement System bought a new position in shares of Sun Communities during the first quarter worth approximately $759,000. Ngam Advisors L.P. bought a new position in shares of Sun Communities during the first quarter worth approximately $858,000. Teachers Advisors Inc. boosted its position in shares of Sun Communities by 8.5% in the first quarter. Teachers Advisors Inc. now owns 500,534 shares of the real estate investment trust’s stock worth $35,843,000 after buying an additional 39,000 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Sun Communities by 4,228.5% in the first quarter. Prudential Financial Inc. now owns 525,004 shares of the real estate investment trust’s stock worth $37,596,000 after buying an additional 512,875 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.
About Sun Communities
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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