Sun Communities (NYSE:SUI) Issues FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. 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 research note on Thursday, March 21st. JMP Securities reaffirmed a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research report on Tuesday, April 23rd. BMO Capital Markets reduced their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a report on Monday, January 22nd. Barclays dropped their price target on Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research note on Friday, January 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Sun Communities has an average rating of Hold and an average price target of $141.17.

Sun Communities Stock Up 1.0 %

Shares of SUI traded up $1.14 during midday trading on Monday, reaching $120.22. 888,759 shares of the company were exchanged, compared to its average volume of 792,017. Sun Communities has a 1-year low of $102.74 and a 1-year high of $141.52. The stock has a 50-day moving average price of $127.11 and a 200-day moving average price of $125.37. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. The company has a market cap of $14.98 billion, a price-to-earnings 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 declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 3.13%. Sun Communities’s payout ratio is 329.83%.

Insiders Place Their Bets

In other news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the firm’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 completion of the sale, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction 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 90 days. 1.89% of the stock is owned by company 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.