Sun Communities (NYSE:SUI) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Sun Communities (NYSE:SUI) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, 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. “

SUI has been the subject of a number of other reports. TheStreet raised Sun Communities from a c+ rating to a b- rating in a report on Friday, July 24th. Wells Fargo & Co decreased their price objective on Sun Communities from $158.00 to $139.00 and set an equal weight rating on the stock in a report on Friday, May 1st. Citigroup increased their price target on shares of Sun Communities from $140.00 to $150.00 and gave the company a neutral rating in a research report on Monday, July 27th. Finally, Royal Bank of Canada increased their price objective on Sun Communities from $147.00 to $151.00 and gave the company an outperform rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $153.20.

Shares of Sun Communities stock opened at $149.93 on Wednesday. The firm has a market capitalization of $14.73 billion, a P/E ratio of 108.65, a P/E/G ratio of 4.46 and a beta of 0.52. The company’s 50 day moving average price is $139.60 and its two-hundred day moving average price is $141.40. The company has a debt-to-equity ratio of 0.75, a current ratio of 5.39 and a quick ratio of 5.39. Sun Communities has a fifty-two week low of $95.34 and a fifty-two week high of $173.98.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.57). The business had revenue of $303.27 million for the quarter, compared to analyst estimates of $311.24 million. Sun Communities had a return on equity of 3.93% and a net margin of 10.37%. On average, analysts expect that Sun Communities will post 4.93 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Monday, June 29th. Sun Communities’s dividend payout ratio is currently 64.23%.

In other news, Director Clunet R. Lewis sold 4,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $144.50, for a total transaction of $578,000.00. Following the completion of the transaction, the director now directly owns 28,800 shares in the company, valued at $4,161,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.72% of the company’s stock.

Large investors have recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of Sun Communities during the fourth quarter valued at $2,814,000. Gradient Investments LLC bought a new position in shares of Sun Communities during the second quarter valued at $27,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Sun Communities by 177.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 275 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 176 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Sun Communities during the first quarter valued at $37,000. Finally, Wealthcare Advisory Partners LLC bought a new position in shares of Sun Communities during the first quarter valued at $39,000. Hedge funds and other institutional investors own 91.42% of the company’s stock.

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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