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

Sun Communities, Inc. (NYSE:SUI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, June 30th.

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. “

Several other equities research analysts have also recently issued reports on the company. BidaskClub raised Sun Communities from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada began coverage on Sun Communities in a research note on Thursday, June 1st. They set an “outperform” rating and a $92.00 target price for the company. Bank of America Corporation raised 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. Finally, TheStreet cut Sun Communities from a “b-” rating to a “c+” rating in a research note on Friday, March 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Sun Communities presently has an average rating of “Hold” and an average target price of $90.17.

Shares of Sun Communities (NYSE SUI) traded up 0.84% during trading on Friday, hitting $89.62. The stock had a trading volume of 407,057 shares. The firm’s 50-day moving average is $88.57 and its 200 day moving average is $83.63. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 128.21 and a beta of 0.29. Sun Communities has a 52-week low of $69.90 and a 52-week high of $91.37.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 EPS 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 2.70%. The company had revenue of $237.90 million during the quarter, compared to analyst estimates of $210.58 million. During the same period in the prior year, the business posted $0.85 EPS. Sun Communities’s revenue for the quarter was up 24.7% compared to the same quarter last year. On average, analysts expect that Sun Communities will post $1.09 EPS for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SUI. Vanguard Group Inc. raised its position in Sun Communities by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,521,072 shares of the real estate investment trust’s stock worth $845,157,000 after buying an additional 316,089 shares during the period. BlackRock Inc. raised its position in Sun Communities by 3,458.3% in the first quarter. BlackRock Inc. now owns 4,678,657 shares of the real estate investment trust’s stock worth $375,838,000 after buying an additional 4,547,170 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Sun Communities by 2.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,903,615 shares of the real estate investment trust’s stock worth $342,308,000 after buying an additional 107,844 shares during the period. Principal Financial Group Inc. increased its stake in shares of Sun Communities by 3.7% in the first quarter. Principal Financial Group Inc. now owns 2,936,524 shares of the real estate investment trust’s stock worth $235,758,000 after buying an additional 104,001 shares during the period. Finally, State Street Corp increased its stake in shares of Sun Communities by 1.8% in the first quarter. State Street Corp now owns 2,087,279 shares of the real estate investment trust’s stock worth $167,665,000 after buying an additional 37,814 shares during the period. Hedge funds and other institutional investors own 88.28% of the company’s stock.

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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