Sun Communities (NYSE:SUI) Releases FY 2024 Earnings Guidance

Sun Communities (NYSE:SUI) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 7.060-7.220 for the period, compared to the consensus earnings per share estimate of 7.140. The company issued revenue guidance of -. Sun Communities also updated its Q2 2024 guidance to 1.830-1.910 EPS.

Sun Communities Stock Up 1.0 %

NYSE SUI traded up $1.14 during trading hours on Monday, hitting $120.22. The company’s stock had a trading volume of 888,759 shares, compared to its average volume of 792,017. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. The company’s 50-day simple moving average is $127.11 and its two-hundred day simple moving average is $125.37. The company has a market capitalization of $14.98 billion, a PE ratio of 105.46, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80. Sun Communities has a 52 week low of $102.74 and a 52 week high of $141.52.

Sun Communities Increases Dividend

The business also recently announced 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 is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. Sun Communities’s payout ratio is presently 329.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target for the company. Barclays lowered their target price on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. BMO Capital Markets reduced their price objective on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research report on Monday, January 22nd. JMP Securities restated a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research note on Tuesday, April 23rd. Finally, Truist Financial reduced their target price on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $141.17.

Insider Activity

In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities 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 approximately $3,724,092. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was 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 7,000 shares of company stock valued at $912,460 in the last 90 days. 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.