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

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

Shares of NYSE:SUI traded down $6.31 on Tuesday, reaching $114.00. 511,361 shares of the company’s stock were exchanged, 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 business’s 50-day moving average is $126.91 and its two-hundred day moving average is $125.47. 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 Increases Dividend

The company also recently disclosed 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 boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio (DPR) is 329.83%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Clunet R. Lewis sold 500 shares of the firm’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 owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Clunet R. Lewis sold 500 shares of the firm’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 owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were 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. In the last quarter, insiders sold 7,000 shares of company stock worth $912,460. Corporate 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.