Sun Communities, Inc. (SUI) To Go Ex-Dividend on September 28th
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).
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