Sun Communities (NYSE:SUI) Issues FY24 Earnings Guidance

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

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. 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 market cap of $14.36 billion, a price-to-earnings ratio of 97.19, a P/E/G ratio of 1.00 and a beta of 0.83. Sun Communities has a 52-week low of $102.74 and a 52-week high of $141.52. 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 Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SUI shares. Royal Bank of Canada decreased their price objective on shares of Sun Communities from $142.00 to $130.00 and set an outperform rating on the stock in a research report on Wednesday. BMO Capital Markets lowered their price target on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a research report on Monday, January 22nd. Evercore ISI dropped their price objective on shares of Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a research note on Wednesday. Truist Financial reduced their target price on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research note on Monday, March 18th. Finally, JMP Securities reiterated a market outperform rating and set a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $138.92.

Insider Transactions at Sun Communities

In related news, CEO Baxter Underwood sold 4,000 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, 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 sale, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $912,460 over the last quarter. 1.89% of the stock is currently owned by insiders.

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.