Sun Communities (NYSE:SUI) Issues Q2 Earnings Guidance

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

Analyst Ratings Changes

Several research analysts have recently issued reports on SUI shares. 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. Truist Financial dropped their price target on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research report on Monday, March 18th. BMO Capital Markets reduced their price target 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. Compass Point raised their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research note on Thursday, March 21st. Finally, Barclays cut their target price on Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $138.92.

Sun Communities Trading Up 2.1 %

Shares of NYSE SUI traded up $2.41 during mid-day trading on Thursday, hitting $115.19. 249,943 shares of the company traded hands, compared to its average volume of 809,827. The business has a 50 day moving average of $126.11 and a two-hundred day moving average of $125.43. The stock has a market capitalization of $14.36 billion, a price-to-earnings ratio of 97.19, a PEG ratio of 1.00 and a beta of 0.83. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 3.26%. Sun Communities’s dividend payout ratio is currently 324.14%.

Insiders Place Their Bets

In related news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Clunet R. Lewis sold 500 shares of the 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 directly owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $912,460 over the last ninety days. 1.89% of the stock is currently owned by company insiders.

About Sun Communities

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.