Sun Communities (NYSE:SUI) Updates FY 2024 Earnings Guidance

Sun Communities (NYSE:SUI) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 7.060-7.220 for the period, compared to the consensus earnings per share estimate of 7.140. The company issued revenue guidance of -. Sun Communities also updated its FY24 guidance to $7.06-7.22 EPS.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SUI. Compass Point upped their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research note on Thursday, March 21st. Barclays lowered their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a report on Friday, January 26th. JMP Securities reissued a market outperform rating and issued a $150.00 price target on shares of Sun Communities in a report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft began coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target on the stock. Finally, BMO Capital Markets cut their price target on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a report on Monday, January 22nd. One research 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, the company currently has an average rating of Hold and an average target price of $141.17.

Sun Communities Trading Down 5.2 %

Shares of NYSE:SUI traded down $6.31 on Tuesday, hitting $114.00. The company had a trading volume of 511,361 shares, compared to its average volume of 788,720. The firm’s 50-day simple moving average is $126.91 and its two-hundred day simple moving average is $125.47. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $14.21 billion, a price-to-earnings ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.94 per share. 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 yield of 3.30%. The ex-dividend date was Wednesday, March 27th. Sun Communities’s dividend payout ratio (DPR) is 329.83%.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of Sun Communities stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, 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 SEC, which is available at this hyperlink. In related news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the sale, the director now owns 28,400 shares of the company’s stock, valued at $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock valued at $912,460 in the last three months. Company insiders own 1.89% of the company’s stock.

Sun Communities Company Profile

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.