Sun Communities (NYSE:SUI) Updates Q2 Earnings Guidance

Sun Communities (NYSE:SUI) updated its second quarter earnings guidance on Monday. The company provided earnings per share guidance of $1.83-1.91 for the period, compared to the consensus earnings per share estimate of $1.92. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Sun Communities Price Performance

Shares of SUI stock traded down $7.63 during trading hours on Tuesday, hitting $112.68. The company’s stock had a trading volume of 595,487 shares, compared to its average volume of 790,161. Sun Communities has a twelve month low of $102.74 and a twelve month high of $141.52. The stock has a market cap of $14.04 billion, a price-to-earnings ratio of 98.73, a P/E/G ratio of 1.07 and a beta of 0.80. The business has a fifty day moving average of $126.91 and a 200-day moving average of $125.47. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is currently 329.83%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SUI. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a report on Tuesday, January 30th. They set a hold rating and a $129.00 price target for the company. BMO Capital Markets lowered their target price on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research note on Monday, January 22nd. Truist Financial reduced their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research report on Thursday, March 21st. Finally, JMP Securities reissued a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $141.17.

Insider Buying and Selling at Sun Communities

In other news, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock valued at $912,460 over the last ninety days. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Company Profile

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.