Sun Communities (NYSE:SUI) Upgraded to “Buy” at Zacks Investment Research

Sun Communities (NYSE:SUIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage presently has a $197.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.60% 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. “

SUI has been the subject of a number of other reports. Barclays cut their price target on Sun Communities from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Thursday, April 14th. Robert W. Baird cut their price target on Sun Communities from $210.00 to $205.00 in a report on Wednesday, March 30th. JMP Securities initiated coverage on Sun Communities in a report on Wednesday, April 20th. They set an “outperform” rating and a $220.00 price target for the company. TheStreet lowered Sun Communities from a “b” rating to a “c+” rating in a research note on Monday, March 14th. Finally, StockNews.com upgraded Sun Communities from a “sell” rating to a “hold” rating in a research note on Wednesday, April 27th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $210.11.

SUI traded down $1.30 on Tuesday, hitting $168.96. The company had a trading volume of 1,091 shares, compared to its average volume of 737,215. The company’s fifty day moving average price is $180.22 and its 200 day moving average price is $190.43. Sun Communities has a 1-year low of $160.09 and a 1-year high of $211.79. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.40 and a quick ratio of 3.40. The stock has a market cap of $20.55 billion, a price-to-earnings ratio of 54.64, a price-to-earnings-growth ratio of 2.83 and a beta of 0.63.

Sun Communities (NYSE:SUIGet Rating) last issued its quarterly earnings results on Monday, April 25th. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business earned $1.26 EPS. On average, sell-side analysts forecast that Sun Communities will post 7.31 EPS for the current year.

In related news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $177.63, for a total transaction of $88,815.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO John Bandini Mclaren sold 11,500 shares of the stock in a transaction that occurred on Thursday, April 28th. The stock was sold at an average price of $180.27, for a total value of $2,073,105.00. Following the sale, the chief operating officer now owns 148,691 shares in the company, valued at $26,804,526.57. The disclosure for this sale can be found here. Company insiders own 2.25% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position 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 valued at $2,210,997,000 after buying an additional 845,015 shares during the last quarter. State Street Corp boosted its position in Sun Communities by 7.1% in the 4th quarter. State Street Corp now owns 5,055,923 shares of the real estate investment trust’s stock valued at $1,065,724,000 after buying an additional 336,953 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Sun Communities by 4.8% in the 4th quarter. JPMorgan Chase & Co. now owns 4,884,479 shares of the real estate investment trust’s stock valued at $1,025,594,000 after buying an additional 223,492 shares during the last quarter. Principal Financial Group Inc. boosted its position in Sun Communities by 1.0% in the 4th quarter. Principal Financial Group Inc. now owns 4,263,848 shares of the real estate investment trust’s stock valued at $893,738,000 after buying an additional 43,611 shares during the last quarter. Finally, Norges Bank bought a new position in Sun Communities in the 4th quarter valued at $416,128,000.

About Sun Communities (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.

Further Reading

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Analyst Recommendations for Sun Communities (NYSE:SUI)

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