Sun Communities, Inc. (NYSE:SUI) Declares Quarterly Dividend of $0.94

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Tuesday, April 15th. This represents a $3.76 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, March 31st.

Sun Communities has increased its dividend payment by an average of 4.2% annually over the last three years. Sun Communities has a dividend payout ratio of 115.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Sun Communities to earn $7.02 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 53.6%.

Sun Communities Stock Performance

SUI stock opened at $130.04 on Friday. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The business has a 50-day moving average price of $128.88 and a 200 day moving average price of $129.19. The company has a market capitalization of $16.59 billion, a P/E ratio of 69.91 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. As a group, equities research analysts forecast that Sun Communities will post 6.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company dropped their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Truist Financial boosted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Jefferies Financial Group lowered their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $136.60.

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.