Sun Communities (NYSE:SUI) Announces Quarterly Earnings Results

Sun Communities (NYSE:SUI) issued its quarterly earnings data on Monday. The real estate investment trust reported $2.35 earnings per share for the quarter, topping the consensus estimate of $1.25 by $1.10, Zacks reports. The business had revenue of $552.60 million during the quarter, compared to analysts’ expectations of $563.59 million. Sun Communities had a negative net margin of 39.03% and a positive return on equity of 2.63%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.28 EPS.

Sun Communities Trading Down 0.3%

NYSE SUI traded down $0.40 during trading hours on Monday, hitting $119.84. 1,004,630 shares of the company’s stock were exchanged, compared to its average volume of 1,163,879. The stock has a 50-day simple moving average of $116.95 and a 200 day simple moving average of $123.73. Sun Communities has a 1-year low of $109.77 and a 1-year high of $137.85. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of -16.90, a PEG ratio of 5.14 and a beta of 0.76. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $1.12 per share. The ex-dividend date was Wednesday, September 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.7%. Sun Communities’s dividend payout ratio is presently -63.19%.

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of analyst reports. Truist Financial reduced their price target on Sun Communities from $138.00 to $136.00 and set a “buy” rating on the stock in a research report on Friday, September 11th. Mizuho dropped their price objective on shares of Sun Communities from $137.00 to $136.00 and set an “outperform” rating for the company in a research note on Monday, September 21st. Morgan Stanley cut their price target on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 12th. UBS Group decreased their price objective on Sun Communities from $133.00 to $117.00 and set a “neutral” rating for the company in a report on Tuesday, October 6th. Finally, Wall Street Zen cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.05.

Sun Communities Company Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.