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.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SUI. Truist Financial lowered their target price on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Evercore ISI lowered 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. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective on the stock. JMP Securities reaffirmed a market outperform rating and set a $150.00 target price on shares of Sun Communities in a research note on Tuesday, April 23rd. Finally, Barclays dropped their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $138.92.

Sun Communities Price Performance

NYSE SUI traded up $2.41 during mid-day trading on Thursday, hitting $115.19. The stock had a trading volume of 249,943 shares, compared to its average volume of 809,827. Sun Communities has a twelve month low of $102.74 and a twelve month high of $141.52. The stock has a market capitalization of $14.36 billion, a price-to-earnings ratio of 97.19, a PEG ratio of 1.00 and a beta of 0.83. The firm’s 50 day moving average is $126.11 and its 200 day moving average is $125.43. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is currently 324.14%.

Insider Activity at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the company’s 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 directly owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Corporate 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.