Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Friday, September 8th, Zacks reports. Investors of record on Friday, September 29th will be given a dividend of 0.67 per share by the real estate investment trust on Monday, October 16th. This represents a $2.68 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, September 28th.

Sun Communities has increased its dividend payment by an average of 1.0% annually over the last three years. Sun Communities has a dividend payout ratio of 64.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Sun Communities to earn $4.52 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 59.3%.

Sun Communities (NYSE:SUI) traded down 1.27% during midday trading on Friday, reaching $86.46. The company had a trading volume of 459,622 shares. The firm has a 50-day moving average of $89.17 and a 200-day moving average of $86.12. Sun Communities has a 12 month low of $69.90 and a 12 month high of $91.87. The stock has a market cap of $6.83 billion, a P/E ratio of 123.69 and a beta of 0.29.

Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The business had revenue of $237.90 million for the quarter, compared to the consensus estimate of $210.58 million. During the same quarter in the previous year, the company earned $0.85 earnings per share. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. On average, equities analysts expect that Sun Communities will post $0.99 EPS for the current fiscal year.

In other news, COO John Bandini Mclaren sold 5,400 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $88.43, for a total transaction of $477,522.00. Following the completion of the transaction, the chief operating officer now directly owns 153,159 shares in the company, valued at $13,543,850.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.15% of the stock is currently owned by corporate insiders.

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SUI has been the subject of several recent analyst reports. Robert W. Baird restated a “buy” rating and set a $95.00 target price on shares of Sun Communities in a research note on Friday, September 8th. Zacks Investment Research upgraded Sun Communities from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Royal Bank Of Canada initiated coverage on Sun Communities in a research note on Thursday, June 1st. They set an “outperform” rating and a $92.00 target price for the company. Finally, BidaskClub cut Sun Communities from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $90.86.

About Sun Communities

Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).

Dividend History for Sun Communities (NYSE:SUI)

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