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

Sun Communities (NYSE:SUI) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 1.830-1.910 for the period, compared to the consensus 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 Price Performance

Shares of Sun Communities stock traded up $1.14 during trading on Monday, hitting $120.22. 888,759 shares of the company were exchanged, compared to its average volume of 792,017. 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 fifty-two week low of $102.74 and a fifty-two week high of $141.52. The stock has a market capitalization of $14.98 billion, a price-to-earnings ratio of 105.54, a P/E/G ratio of 1.07 and a beta of 0.80. The firm has a 50 day moving average price of $127.11 and a 200 day moving average price of $125.37.

Sun Communities Increases Dividend

The business also recently disclosed 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. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s payout ratio is currently 329.83%.

Analyst Ratings Changes

Several research analysts have weighed in on SUI shares. Truist Financial cut their price target on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. Barclays cut their price target on Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target for the company. BMO Capital Markets cut their price target on Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. Finally, Compass Point boosted their price target on Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sun Communities currently has an average rating of Hold and a consensus price target of $141.17.

Insider Activity

In related news, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were 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 directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were 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 approximately $8,789,700.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, the director now directly owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock valued at $912,460 in the last ninety days. Company 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.