Sun Communities (NYSE:SUI) Updates 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.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Compass Point boosted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research report on Thursday, March 21st. BMO Capital Markets reduced their price target 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. Truist Financial reduced their price target on shares of Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research report on Monday, March 18th. JMP Securities reiterated a market outperform rating and set a $150.00 price target on shares of Sun Communities in a research report on Tuesday, April 23rd. Finally, Barclays reduced their price target 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $141.17.

Sun Communities Stock Up 1.0 %

Shares of NYSE:SUI traded up $1.14 during trading on Monday, reaching $120.22. 888,759 shares of the stock traded hands, compared to its average volume of 792,017. The stock has a 50-day moving average of $126.91 and a two-hundred day moving average of $125.47. Sun Communities has a 52-week low of $102.74 and a 52-week high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market cap of $14.98 billion, a P/E ratio of 105.46, a price-to-earnings-growth ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued 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 3.13%. Sun Communities’s dividend payout ratio is presently 329.83%.

Insider Activity

In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 over the last 90 days. 1.89% of the stock is currently owned by 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.