Sun Communities (NYSE:SUI) Issues 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SUI shares. Truist Financial lowered their price target on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. JMP Securities reaffirmed a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a research note on Tuesday, April 23rd. Barclays reduced their price target 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective on the stock. Finally, BMO Capital Markets reduced 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $141.17.

Sun Communities Stock Up 1.0 %

SUI stock traded up $1.14 during mid-day trading on Monday, reaching $120.22. The company had a trading volume of 888,759 shares, compared to its average volume of 792,017. The company has a market capitalization of $14.98 billion, a price-to-earnings ratio of 105.46, a PEG 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. The stock has a 50 day simple moving average of $127.11 and a two-hundred day simple moving average of $125.37. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.13%. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s payout ratio is presently 329.83%.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Clunet R. Lewis sold 500 shares of the firm’s 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 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 quarter. 1.89% of the stock is currently owned by 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.