Sun Communities (NYSE:SUI) Updates Q2 2024 Earnings Guidance

Sun Communities (NYSE:SUI) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 1.830-1.910 for the period, compared to the consensus earnings per share estimate of 1.920. The company issued revenue guidance of -. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays decreased their target price 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. Truist Financial reduced their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research report on Monday, March 18th. JMP Securities reaffirmed a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a research report on Tuesday, April 23rd. Evercore ISI reduced their price target on Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Royal Bank of Canada reduced their price target on Sun Communities from $142.00 to $130.00 and set an outperform rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities has an average rating of Hold and a consensus price target of $138.92.

Sun Communities Stock Performance

NYSE:SUI traded up $0.53 during mid-day trading on Thursday, reaching $113.31. 170,380 shares of the stock were exchanged, compared to its average volume of 809,149. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a 50 day simple moving average of $126.11 and a 200-day simple moving average of $125.43. 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 market capitalization of $14.12 billion, a P/E ratio of 97.19, a P/E/G ratio of 1.00 and a beta of 0.83.

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 given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.32%. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Craig Leupold sold 2,500 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were 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 directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. 1.89% of the stock is owned by company insiders.

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.