Sun Communities (NYSE:SUI) Updates Q2 2024 Earnings Guidance

Sun Communities (NYSE:SUI) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 1.830-1.910 for the period, compared to the consensus earnings per share estimate of 1.920. The company issued revenue guidance of -. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Sun Communities Trading Down 5.2 %

Shares of NYSE:SUI traded down $6.31 during midday trading on Tuesday, reaching $114.00. The company’s stock had a trading volume of 511,361 shares, compared to its average volume of 788,720. The firm has a market capitalization of $14.21 billion, a price-to-earnings ratio of 105.46, a PEG ratio of 1.07 and a beta of 0.80. Sun Communities has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The firm has a 50 day moving average price of $126.91 and a two-hundred day moving average price of $125.47. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is currently 329.83%.

Analysts Set New Price Targets

Several research firms have commented on SUI. Barclays dropped their target price on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research report on Friday, January 26th. BMO Capital Markets reduced their price objective on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research note on Monday, January 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective for the company. JMP Securities restated a market outperform rating and set a $150.00 target price on shares of Sun Communities in a research report on Tuesday, April 23rd. Finally, Compass Point increased their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $141.17.

Insider Activity at Sun Communities

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 transaction of $65,565.00. Following the completion of the sale, the director now owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related 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 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 legal filing with the SEC, which is available through this hyperlink. Also, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $912,460 in the last quarter. 1.89% of the stock is owned by company insiders.

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.