Sun Communities Inc (SUI) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Sun Communities Inc (NYSE:SUI) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

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 equities research analysts have also recently commented on SUI. TheStreet cut shares of Sun Communities from a b- rating to a c+ rating in a research report on Friday, March 10th. Evercore ISI cut shares of Sun Communities from a buy rating to a hold rating and lifted their price target for the stock from $81.00 to $86.00 in a research report on Tuesday, February 28th. Finally, Citigroup Inc cut shares of Sun Communities from a buy rating to a neutral rating and set a $86.00 price target for the company. in a research report on Monday, February 27th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $87.00.

Shares of Sun Communities (NYSE:SUI) opened at 84.90 on Friday. Sun Communities has a 1-year low of $67.95 and a 1-year high of $86.67. The company’s 50-day moving average is $83.28 and its 200 day moving average is $78.75. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 194.28 and a beta of 0.38.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.03. The firm had revenue of $234.40 million during the quarter, compared to analysts’ expectations of $194.89 million. Sun Communities had a net margin of 16.21% and a return on equity of 6.38%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 EPS. On average, analysts expect that Sun Communities will post $1.04 EPS for the current fiscal year.

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In other news, Director Clunet R. Lewis sold 2,000 shares of Sun Communities stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $83.12, for a total transaction of $166,240.00. Following the completion of the sale, the director now owns 18,800 shares in the company, valued at approximately $1,562,656. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO John Bandini Mclaren sold 980 shares of Sun Communities stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $73.49, for a total transaction of $72,020.20. Following the sale, the chief operating officer now owns 160,943 shares of the company’s stock, valued at approximately $11,827,701.07. The disclosure for this sale can be found here. 5.14% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Sun Communities by 0.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 10,432 shares of the real estate investment trust’s stock valued at $819,000 after buying an additional 39 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in shares of Sun Communities during the third quarter valued at approximately $2,143,000. Daiwa Securities Group Inc. boosted its stake in shares of Sun Communities by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 3,470,648 shares of the real estate investment trust’s stock valued at $272,376,000 after buying an additional 327,096 shares in the last quarter. Monashee Investment Management LLC acquired a new stake in shares of Sun Communities during the third quarter valued at approximately $2,909,000. Finally, Ironwood Investment Counsel LLC acquired a new stake in shares of Sun Communities during the third quarter valued at approximately $738,000. Institutional investors own 99.24% of the company’s stock.

About Sun Communities

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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