Sun Communities (NYSE:SUI) Updates FY24 Earnings Guidance

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

Sun Communities Stock Up 1.0 %

Shares of Sun Communities stock traded up $1.14 during trading on Monday, hitting $120.22. 888,759 shares of the stock traded hands, compared to its average volume of 792,017. The stock has a market cap of $14.98 billion, a P/E ratio of 105.46, a PEG ratio of 1.07 and a beta of 0.80. 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 twelve month low of $102.74 and a twelve month high of $141.52. The company has a fifty day moving average price of $126.91 and a two-hundred day moving average price of $125.47.

Sun Communities Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SUI shares. Deutsche Bank Aktiengesellschaft started 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. Truist Financial cut their price objective 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. JMP Securities reissued a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. Barclays cut their price objective on Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research note on Friday, January 26th. Finally, BMO Capital Markets cut their price objective 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. One investment 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, Sun Communities currently has a consensus rating of Hold and a consensus target price of $141.17.

Insiders Place Their Bets

In other news, Director Clunet R. Lewis sold 500 shares of Sun Communities 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 sale, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Clunet R. Lewis sold 500 shares of Sun Communities 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 sale, the director now owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The stock was 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. Insiders have sold a total of 7,000 shares of company stock valued at $912,460 in the last three months. Company insiders own 1.89% of the company’s stock.

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.