Sun Communities (NYSE:SUI) Issues Q2 Earnings Guidance

Sun Communities (NYSE:SUI) updated its second quarter earnings guidance on Monday. The company provided EPS guidance of $1.83-1.91 for the period, compared to the consensus EPS estimate of $1.92. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. BMO Capital Markets reduced their price target on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. JMP Securities restated a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a report on Tuesday, April 23rd. Barclays reduced their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target for the company. Finally, Truist Financial reduced their price target on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sun Communities currently has a consensus rating of Hold and a consensus price target of $141.17.

Sun Communities Stock Up 1.0 %

Shares of Sun Communities stock traded up $1.14 on Monday, reaching $120.22. The stock had a trading volume of 888,759 shares, compared to its average volume of 792,017. The company has a 50 day moving average price of $126.91 and a 200 day moving average price of $125.47. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The stock has a market capitalization of $14.98 billion, a P/E ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 3.13%. The ex-dividend date was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is currently 329.83%.

Insiders Place Their Bets

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now 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 quarter, insiders have sold 7,000 shares of company stock valued at $912,460. 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.