Zacks Investment Research Lowers Sun Communities (NYSE:SUI) to Hold

Sun Communities (NYSE:SUIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, 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. “

A number of other brokerages have also recently commented on SUI. Barclays reduced their price target on shares of Sun Communities from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Thursday, April 14th. Robert W. Baird reduced their price target on shares of Sun Communities from $210.00 to $205.00 in a research report on Wednesday, March 30th. JMP Securities initiated coverage on shares of Sun Communities in a research report on Wednesday, April 20th. They set an “outperform” rating and a $220.00 price target on the stock. Truist Financial initiated coverage on shares of Sun Communities in a research report on Tuesday, May 10th. They set a “buy” rating and a $185.00 price target on the stock. Finally, TheStreet cut shares of Sun Communities from a “b” rating to a “c+” rating in a research report on Monday, March 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $209.11.

Shares of Sun Communities stock opened at $161.11 on Thursday. Sun Communities has a 12-month low of $151.51 and a 12-month high of $211.79. The company has a market cap of $19.59 billion, a price-to-earnings ratio of 51.97, a PEG ratio of 2.43 and a beta of 0.63. The company has a current ratio of 3.40, a quick ratio of 3.40 and a debt-to-equity ratio of 0.88. The company’s 50-day moving average price is $174.07 and its 200-day moving average price is $186.12.

Sun Communities (NYSE:SUIGet Rating) last posted its quarterly earnings data on Monday, April 25th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Sun Communities had a return on equity of 5.09% and a net margin of 14.97%. During the same quarter in the prior year, the firm earned $1.26 earnings per share. On average, sell-side analysts predict that Sun Communities will post 7.29 earnings per share for the current year.

In other Sun Communities news, COO John Bandini Mclaren sold 11,500 shares of the firm’s stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $180.27, for a total transaction of $2,073,105.00. Following the completion of the transaction, the chief operating officer now owns 148,691 shares of the company’s stock, valued at $26,804,526.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.25% of the company’s stock.

Several large investors have recently modified their holdings of SUI. DigitalBridge Group Inc. increased its holdings in shares of Sun Communities by 6,574.5% during the first quarter. DigitalBridge Group Inc. now owns 6,821,336 shares of the real estate investment trust’s stock valued at $22,543,000 after acquiring an additional 6,719,136 shares in the last quarter. Norges Bank bought a new position in shares of Sun Communities during the fourth quarter valued at $416,128,000. Cohen & Steers Inc. increased its holdings in shares of Sun Communities by 25.3% during the first quarter. Cohen & Steers Inc. now owns 8,101,848 shares of the real estate investment trust’s stock valued at $1,420,368,000 after acquiring an additional 1,637,726 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Sun Communities by 526.1% during the fourth quarter. Invesco Ltd. now owns 1,111,543 shares of the real estate investment trust’s stock valued at $233,390,000 after acquiring an additional 933,997 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Sun Communities by 8.7% in the 4th quarter. BlackRock Inc. now owns 10,530,070 shares of the real estate investment trust’s stock worth $2,210,997,000 after buying an additional 845,015 shares in the last quarter.

Sun Communities Company Profile (Get Rating)

Sun Communities, Inc is a REIT that, as of September 30, 2020, owned, operated, or had an interest in a portfolio of 432 communities comprising nearly 146,000 developed sites in 32 states and Ontario, Canada.

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