Sun Communities (NYSE:SUI) Issues FY24 Earnings Guidance

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

Sun Communities Stock Up 2.1 %

Sun Communities stock traded up $2.29 during midday trading on Wednesday, hitting $113.61. 469,390 shares of the company were exchanged, compared to its average volume of 804,175. The company’s fifty day moving average price is $126.52 and its 200-day moving average price is $125.52. The company has a market cap of $14.16 billion, a PE ratio of 97.65, a price-to-earnings-growth ratio of 1.08 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. Sun Communities has a fifty-two week low of $102.74 and a fifty-two week high of $141.52.

Sun Communities Increases Dividend

The business 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. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a yield of 3.31%. Sun Communities’s payout ratio is 324.14%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SUI shares. Evercore ISI reduced their price target on Sun Communities from $145.00 to $128.00 and set an outperform rating on the stock in a research report on Wednesday. Barclays cut their target price on Sun Communities from $157.00 to $155.00 and set an overweight rating on the stock in a research report on Friday, January 26th. JMP Securities reaffirmed a market outperform rating and issued a $150.00 target price on shares of Sun Communities in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 target price on the stock. Finally, Truist Financial cut their target price 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. One equities research 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. Based on data from MarketBeat, Sun Communities presently has a consensus rating of Hold and a consensus price target of $140.83.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is currently owned by insiders.

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.