Sun Communities (NYSE:SUI) Trading 5.8% Higher on Analyst Upgrade

Sun Communities Inc (NYSE:SUI)’s stock price was up 5.8% during mid-day trading on Thursday after BMO Capital Markets raised their price target on the stock from $160.00 to $165.00. BMO Capital Markets currently has an outperform rating on the stock. Sun Communities traded as high as $149.38 and last traded at $148.83. Approximately 3,122,408 shares changed hands during mid-day trading, an increase of 387% from the average daily volume of 641,363 shares. The stock had previously closed at $140.61.

Several other equities analysts have also issued reports on the company. Berenberg Bank assumed coverage on Sun Communities in a research note on Thursday. They issued a “buy” rating and a $170.00 price target on the stock. Citigroup lifted their target price on Sun Communities from $140.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. TheStreet raised shares of Sun Communities from a “c+” rating to a “b-” rating in a report on Friday, July 24th. Royal Bank of Canada lifted their price target on shares of Sun Communities from $147.00 to $151.00 and gave the company an “outperform” rating in a report on Tuesday, July 28th. Finally, Zacks Investment Research cut shares of Sun Communities from a “buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $157.29.

In other news, Director Clunet R. Lewis sold 4,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were 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 owns 28,800 shares of the company’s stock, valued at $4,161,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.72% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. First Trust Advisors LP increased its stake in shares of Sun Communities by 29.6% in the first quarter. First Trust Advisors LP now owns 52,721 shares of the real estate investment trust’s stock valued at $6,248,000 after buying an additional 12,047 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Sun Communities by 177.8% in 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 during the last quarter. Piedmont Investment Advisors Inc. boosted its holdings in Sun Communities by 15.5% in the first quarter. Piedmont Investment Advisors Inc. now owns 1,997 shares of the real estate investment trust’s stock valued at $249,000 after acquiring an additional 268 shares during the last quarter. Van ECK Associates Corp increased its position in Sun Communities by 4.4% during the 1st quarter. Van ECK Associates Corp now owns 24,351 shares of the real estate investment trust’s stock valued at $3,040,000 after purchasing an additional 1,025 shares during the period. Finally, Private Advisor Group LLC raised its holdings in Sun Communities by 3.2% during the 1st quarter. Private Advisor Group LLC now owns 6,014 shares of the real estate investment trust’s stock worth $751,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 93.28% of the company’s stock.

The stock’s 50-day moving average price is $145.18 and its 200-day moving average price is $136.51. The company has a current ratio of 5.39, a quick ratio of 5.39 and a debt-to-equity ratio of 0.75. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of 107.85, a P/E/G ratio of 4.28 and a beta of 0.47.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Tuesday, September 29th. Sun Communities’s dividend payout ratio (DPR) is presently 64.23%.

Sun Communities Company Profile (NYSE:SUI)

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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