Zacks Investment Research Upgrades Sun Communities (SUI) to Buy

Sun Communities (NYSE:SUI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, reports. The brokerage currently has a $141.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.67% from the stock’s previous close.

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, Wells Fargo & Co downgraded shares of Sun Communities from an “outperform” rating to a “market perform” rating and set a $118.00 price objective for the company. in a report on Tuesday, March 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities currently has an average rating of “Buy” and a consensus target price of $114.83.

SUI stock opened at $126.27 on Thursday. The stock has a market capitalization of $10.60 billion, a P/E ratio of 27.57, a P/E/G ratio of 6.31 and a beta of 0.31. Sun Communities has a fifty-two week low of $93.44 and a fifty-two week high of $127.39.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.06. The business had revenue of $287.33 million during the quarter, compared to the consensus estimate of $279.54 million. Sun Communities had a net margin of 10.00% and a return on equity of 3.76%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.14 earnings per share. Analysts forecast that Sun Communities will post 4.86 EPS for the current fiscal year.

In other Sun Communities news, Director Arthur A. Weiss purchased 257,179 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was bought at an average cost of $117.84 per share, with a total value of $30,305,973.36. Following the acquisition, the director now owns 29,156 shares of the company’s stock, valued at $3,435,743.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clunet R. Lewis sold 2,400 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $117.34, for a total transaction of $281,616.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $2,346,800. The disclosure for this sale can be found here. 3.34% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Ffcm LLC acquired a new stake in Sun Communities in the 4th quarter valued at about $26,000. Lindbrook Capital LLC acquired a new stake in Sun Communities in the 4th quarter valued at about $31,000. Coastal Investment Advisors Inc. acquired a new stake in Sun Communities in the 1st quarter valued at about $43,000. Altshuler Shaham Ltd lifted its holdings in Sun Communities by 44.4% in the 1st quarter. Altshuler Shaham Ltd now owns 371 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 114 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in Sun Communities in the 1st quarter valued at about $58,000. 93.10% 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.

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