Sun Communities, Inc. (NYSE:SUI) Announces $0.94 Quarterly Dividend

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Monday, March 17th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Tuesday, April 15th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Monday, March 31st.

Sun Communities has raised its dividend by an average of 4.2% annually over the last three years. Sun Communities has a payout ratio of 131.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Sun Communities to earn $7.02 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 53.6%.

Sun Communities Stock Up 3.0 %

SUI traded up $3.88 on Monday, reaching $132.02. The company’s stock had a trading volume of 542,622 shares, compared to its average volume of 787,850. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a 50 day moving average of $127.27 and a two-hundred day moving average of $129.52. The company has a market capitalization of $16.82 billion, a price-to-earnings ratio of 70.94 and a beta of 0.90. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. As a group, analysts forecast that Sun Communities will post 6.77 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on SUI. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Truist Financial boosted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Jefferies Financial Group decreased their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Wells Fargo & Company decreased their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $135.55.

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.