Sun Communities (NYSE:SUI) Releases Q2 Earnings Guidance

Sun Communities (NYSE:SUI) updated its second quarter earnings guidance on Monday. The company provided EPS guidance of $1.83-1.91 for the period, compared to the consensus EPS estimate of $1.92. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $1.14 during midday trading on Monday, reaching $120.22. 888,759 shares of the company’s stock traded hands, 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. Sun Communities has a one year low of $102.74 and a one year high of $141.52. The company has a market cap of $14.98 billion, a price-to-earnings ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80. The stock has a 50 day moving average of $127.11 and a 200 day moving average of $125.37.

Sun Communities Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SUI shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a report on Tuesday, January 30th. They set a hold rating and a $129.00 price objective for the company. Truist Financial decreased 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 note on Monday, March 18th. JMP Securities restated 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 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, BMO Capital Markets dropped their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a research report on Monday, January 22nd. One 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 MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $141.17.

Insider Buying and Selling at Sun Communities

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 value of $320,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction on 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 in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were 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. Over the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Company 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.