Sun Communities (NYSE:SUI) Issues Q2 Earnings Guidance

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

Analysts Set New Price Targets

Several research firms have recently commented on SUI. Barclays decreased their price objective 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. Compass Point upped their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. BMO Capital Markets decreased their price objective 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. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a report on Tuesday, January 30th. They set a hold rating and a $129.00 price target on the stock. Finally, Truist Financial decreased 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $141.17.

Sun Communities Trading Down 6.3 %

NYSE:SUI traded down $7.63 during mid-day trading on Tuesday, hitting $112.68. 595,487 shares of the stock traded hands, 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. Sun Communities has a 52 week low of $102.74 and a 52 week high of $141.52. The stock has a market capitalization of $14.04 billion, a price-to-earnings ratio of 98.73, a PEG ratio of 1.07 and a beta of 0.80. The firm’s 50 day moving average is $126.91 and its two-hundred day moving average is $125.47.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.94 per share. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. 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%. Sun Communities’s dividend payout ratio is currently 329.83%.

Insider Buying and Selling

In related news, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were 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 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 is available at this link. In other news, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was 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 is accessible through this link. Also, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated 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 $8,789,700.96. The disclosure for this sale can be found here. In the last three months, insiders sold 7,000 shares of company stock valued at $912,460. 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.