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

Sun Communities (NYSE:SUI) issued an update on its FY 2024 earnings guidance on Monday morning. 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 Price Performance

Sun Communities stock traded up $1.14 on Monday, reaching $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 debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market cap of $14.98 billion, a price-to-earnings ratio of 105.54, a PEG ratio of 1.07 and a beta of 0.80. The business’s fifty day moving average price is $127.11 and its 200 day moving average price is $125.37. Sun Communities has a twelve month low of $102.74 and a twelve month high of $141.52.

Sun Communities Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on SUI shares. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective on the stock. JMP Securities reaffirmed a market outperform rating and set a $150.00 price target on shares of Sun Communities in a research note on Tuesday, April 23rd. Truist Financial cut their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. BMO Capital Markets cut their price target on Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a research note on Monday, January 22nd. Finally, Compass Point upped their price target on Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $141.17.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The stock was 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 can be accessed through the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was 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 disclosure for this sale can be found here. Over the last quarter, 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.