Sun Communities (NYSE:SUI) Issues FY24 Earnings Guidance

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

Sun Communities Stock Performance

Shares of NYSE:SUI traded down $7.63 during midday trading on Tuesday, reaching $112.68. The company’s stock had a trading volume of 595,487 shares, compared to its average volume of 790,161. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The stock has a fifty day moving average of $126.91 and a 200 day moving average of $125.47. Sun Communities has a twelve month low of $102.74 and a twelve month high of $141.52. The firm has a market capitalization of $14.04 billion, a PE ratio of 98.73, a P/E/G ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently disclosed 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 was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.34%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is presently 329.83%.

Analyst Upgrades and Downgrades

SUI has been the subject of several recent research reports. Truist Financial reduced their price target on 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 reissued a market outperform rating and set a $150.00 price target on shares of Sun Communities in a report 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 report on Friday, January 26th. BMO Capital Markets decreased their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target on the stock. 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’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $141.17.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the company’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 directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, 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 transaction of $320,975.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now directly owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,000 shares of company stock worth $912,460. 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.