Sun Communities (NYSE:SUI) Issues FY24 Earnings Guidance

Sun Communities (NYSE:SUI) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $7.06-7.22 for the period, compared to the consensus EPS estimate of $7.14. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price on the stock. Truist Financial dropped their price objective on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research note on Monday, March 18th. BMO Capital Markets dropped 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 note on Monday, January 22nd. Barclays dropped their price objective on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research note on Friday, January 26th. Finally, Compass Point upped 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Sun Communities presently has a consensus rating of Hold and a consensus price target of $141.17.

Sun Communities Trading Up 1.0 %

SUI traded up $1.14 on Monday, reaching $120.22. 888,759 shares of the company’s stock were exchanged, compared to its average volume of 792,017. The company’s 50 day moving average is $126.91 and its 200-day moving average is $125.47. The company has a market cap 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 twelve month low of $102.74 and a twelve month high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The firm 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 represents a $3.76 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is 329.83%.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. 1.89% of the stock is currently owned by corporate insiders.

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.