Sun Communities (NYSE:SUI) Releases FY24 Earnings Guidance

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

Sun Communities Stock Performance

Shares of SUI stock traded up $2.29 during mid-day trading on Wednesday, reaching $113.61. The stock had a trading volume of 469,390 shares, compared to its average volume of 804,175. The firm’s 50 day simple moving average is $126.52 and its 200 day simple moving average is $125.52. 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 has a one year low of $102.74 and a one year high of $141.52. The firm has a market cap of $14.16 billion, a PE ratio of 97.65, a P/E/G ratio of 1.08 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a $0.94 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.31%. Sun Communities’s dividend payout ratio is presently 324.14%.

Analyst Ratings Changes

SUI has been the subject of a number of recent research reports. Truist Financial dropped their target price on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. Evercore ISI dropped their target price on Sun Communities from $145.00 to $128.00 and set an outperform rating for the company in a report on Wednesday. Compass Point increased their target price on Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. BMO Capital Markets dropped their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a report on Monday, January 22nd. Finally, JMP Securities reissued a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities currently has an average rating of Hold and an average target price of $140.83.

Insider Activity

In other news, Director Craig Leupold sold 2,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the transaction, the director now owns 28,400 shares in the company, valued at $3,724,092. The disclosure for this sale can be found here. In the last ninety days, 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.