Robert W. Baird restated their buy rating on shares of Sun Communities, Inc. (NYSE:SUI) in a report released on Friday. They currently have a $95.00 price objective on the real estate investment trust’s stock.
Several other equities analysts have also recently weighed in on the stock. BidaskClub cut shares of Sun Communities from a strong-buy rating to a buy rating in a research note on Friday, June 30th. Zacks Investment Research raised shares of Sun Communities from a hold rating to a buy rating and set a $102.00 target price for the company in a research note on Friday, June 23rd. Royal Bank Of Canada reissued a buy rating and issued a $92.00 target price on shares of Sun Communities in a research note on Sunday, July 16th. Finally, Bank of America Corporation raised shares of Sun Communities from an underperform rating to a buy rating and set a $93.00 target price for the company in a research note on Monday, May 22nd. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $90.86.
Shares of Sun Communities (NYSE SUI) opened at 90.03 on Friday. The stock has a 50 day moving average of $89.18 and a 200-day moving average of $85.84. Sun Communities has a 52 week low of $69.90 and a 52 week high of $91.87. The firm has a market capitalization of $7.11 billion, a PE ratio of 128.80 and a beta of 0.29.
Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by $0.03. Sun Communities had a net margin of 6.82% and a return on equity of 2.59%. The firm had revenue of $237.90 million during the quarter, compared to the consensus estimate of $210.58 million. During the same period in the prior year, the business posted $0.85 earnings per share. Sun Communities’s quarterly revenue was up 24.7% compared to the same quarter last year. Equities analysts anticipate that Sun Communities will post $0.99 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a $0.67 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.68 annualized dividend and a dividend yield of 2.98%. Sun Communities’s dividend payout ratio is presently 382.86%.
In other Sun Communities news, COO John Bandini Mclaren sold 5,400 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total transaction of $477,522.00. Following the completion of the sale, the chief operating officer now owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.15% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in Sun Communities by 105.2% during the 2nd quarter. US Bancorp DE now owns 1,473 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 755 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in Sun Communities by 6.3% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,255 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 133 shares during the last quarter. Laurion Capital Management LP acquired a new stake in Sun Communities during the 1st quarter valued at $201,000. Moody Aldrich Partners LLC acquired a new stake in Sun Communities during the 2nd quarter valued at $201,000. Finally, Nine Chapters Capital Management LLC acquired a new stake in Sun Communities during the 2nd quarter valued at $202,000. 94.46% of the stock is owned by institutional investors and hedge funds.
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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