Sun Communities (NYSE:SUI) Updates FY24 Earnings Guidance

Sun Communities (NYSE:SUI) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $7.06-7.22 for the period, compared to the consensus earnings per share estimate of $7.14. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They set a hold rating and a $129.00 target price on the stock. JMP Securities reissued a market outperform rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Tuesday, April 23rd. Compass Point raised their target price on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a research report on Thursday, March 21st. Truist Financial reduced their price target on Sun Communities from $143.00 to $136.00 and set a hold rating on the stock in a research report on Monday, March 18th. Finally, BMO Capital Markets lowered their price objective on Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities presently has a consensus rating of Hold and an average target price of $141.17.

Sun Communities Stock Down 6.3 %

Shares of Sun Communities stock traded down $7.63 during trading on Tuesday, reaching $112.68. 595,487 shares of the company traded hands, compared to its average volume of 790,161. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a market capitalization of $14.04 billion, a PE ratio of 98.73, a P/E/G ratio of 1.07 and a beta of 0.80. The company has a 50 day moving average price of $126.91 and a 200-day moving average price of $125.47. Sun Communities has a 1-year low of $102.74 and a 1-year high of $141.52.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s dividend payout ratio is 329.83%.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Sun Communities news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of 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. Over the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Company insiders own 1.89% of the company’s stock.

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.