Sun Communities (NYSE:SUI) Releases Q2 Earnings Guidance

Sun Communities (NYSE:SUI) issued an update on its second quarter earnings guidance on Monday morning. 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 Stock Performance

SUI stock traded up $1.14 during trading hours on Monday, hitting $120.22. 888,759 shares of the stock were exchanged, compared to its average volume of 792,017. Sun Communities has a 12 month low of $102.74 and a 12 month high of $141.52. 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 firm has a market capitalization of $14.98 billion, a P/E ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80. The company has a 50-day simple moving average of $127.11 and a two-hundred day simple moving average of $125.37.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.94 dividend. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s payout ratio is 329.83%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SUI shares. Truist Financial dropped their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research report on Monday, March 18th. JMP Securities reaffirmed a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. Compass Point boosted their price target on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. Barclays dropped their price objective 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. Finally, Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price on the stock. One 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. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $141.17.

Insider Buying and Selling at Sun Communities

In related 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 transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,000 shares of company stock valued at $912,460. 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.