Yesterday’s Upgrade: Sun Communities Inc (SUI)

Sun Communities Inc (NYSE:SUI) received a stock rating upgrade from Robert W. Baird on Mar-30-16. In a note to investors, the firm issued an Outperform rating and hiked the target price on the stock from $67 to $74. The analysts previously had a Neutral rating on the stock.

The 52-week price range is $ 58.54 – 72.24 and the company has a market capitalization of $ 4.53B. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. zero analyst has rated the stock with a sell rating, 1 has assigned a hold rating, zero says it’s a buy, and 1 have assigned a strong buy rating to the company.

Sun Communities Inc (SUI) on March 30, 2016 announced that it has closed its previously announced underwritten public offering of 6,037,500 shares of its common stock at a price of $66.50 per share, which includes 787,500 shares sold to the underwriters pursuant to the full exercise of their option to purchase additional shares.   The Company estimates that the net proceeds from the offering will be approximately $385.3 million after deducting the underwriting discounts and estimated expenses related to the offering.

The Company intends to use the net proceeds of the offering to fund a portion of the purchase price for the previously-announced acquisition of all of the issued and outstanding shares of common stock of Carefree Communities Inc. (“Carefree Communities”). The consummation of the acquisition is subject to customary closing conditions. If for any reason the acquisition is not consummated, the Company intends to use the net proceeds of the offering to repay borrowings outstanding under the revolving loan under its senior credit facility, to fund possible future acquisitions of properties and for working capital and general corporate purposes.

BofA Merrill Lynch, Citigroup, BMO Capital Markets, Baird and RBC Capital Markets acted as joint book-running managers for the offering. Fifth Third Securities, PNC Capital Markets LLC, Ramirez & Co., Inc., BTIG and Comerica Securities acted as co-managers for the offering.

The offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The offering was made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department or by email at dg.prospectus_requests@baml.com; by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 telephone: (800) 831-9146; by contacting BMO Capital Markets, 3 Times Square, 25th Floor, New York, NY 10036, Attention: Syndicate Department, Telephone: (800) 414-3627, or by email at bmoprospectus@bmo.com; by contacting Baird, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: (800)-792-2473, email: syndicate@rwbaird.com; or by contacting RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; Phone: 877-822-4089; Email: equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.

Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 233 communities comprising approximately 89,400 developed sites.

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