Sun Communities (NYSE:SUI) Downgraded to “Hold” at Zacks Investment Research

Sun Communities (NYSE:SUI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

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. “

Separately, BMO Capital Markets lifted their price objective on Sun Communities to $132.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $124.60.

Shares of SUI stock opened at $145.44 on Friday. The business’s 50 day moving average is $142.50 and its two-hundred day moving average is $128.39. Sun Communities has a twelve month low of $94.63 and a twelve month high of $151.64. The company has a market capitalization of $12.73 billion, a P/E ratio of 31.76, a price-to-earnings-growth ratio of 5.06 and a beta of 0.24.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.67). Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The company had revenue of $312.45 million during the quarter, compared to analysts’ expectations of $295.20 million. During the same quarter last year, the business posted $1.07 earnings per share. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. Research analysts expect that Sun Communities will post 4.88 EPS for the current year.

In other news, Director Arthur A. Weiss sold 257 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $147.57, for a total value of $37,925.49. Following the completion of the transaction, the director now directly owns 29,156 shares of the company’s stock, valued at $4,302,550.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO John Bandini Mclaren sold 7,410 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $146.74, for a total value of $1,087,343.40. Following the completion of the transaction, the chief operating officer now directly owns 120,483 shares of the company’s stock, valued at $17,679,675.42. The disclosure for this sale can be found here. Insiders own 3.34% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. Nuveen Asset Management LLC raised its stake in Sun Communities by 557.4% during the second 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 buying an additional 1,839,980 shares in the last quarter. APG Asset Management US Inc. bought a new stake in shares of Sun Communities in the 2nd quarter valued at about $78,006,000. BlackRock Inc. raised its holdings in shares of Sun Communities by 6.3% in 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 period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Sun Communities by 648.7% in 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 period. Finally, Vanguard Group Inc. raised its holdings in shares of Sun Communities by 2.6% in 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 period. 92.81% of the stock is 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.

Further Reading: What Factors Can Affect Return on Equity?

Get a free copy of the Zacks research report on Sun Communities (SUI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Sun Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sun Communities and related companies with MarketBeat.com's FREE daily email newsletter.