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 Q2 2024 guidance to 1.830-1.910 EPS.

Sun Communities Stock Up 1.0 %

Shares of NYSE:SUI traded up $1.14 during trading on Monday, hitting $120.22. 888,759 shares of the company were exchanged, compared to its average volume of 792,017. The stock has a market capitalization of $14.98 billion, a P/E ratio of 105.54, a PEG ratio of 1.07 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 12-month low of $102.74 and a 12-month high of $141.52. The firm’s 50 day moving average price is $127.11 and its 200-day moving average price is $125.37.

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 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Wednesday, March 27th. This is an increase from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is currently 329.83%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. BMO Capital Markets reduced their price target on shares of Sun Communities from $143.00 to $140.00 and set an outperform rating for the company in a research report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Sun Communities in a research report on Tuesday, January 30th. They issued a hold rating and a $129.00 price target for the company. Barclays reduced their price target on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research report on Friday, January 26th. Compass Point upped their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a neutral rating in a research report on Thursday, March 21st. Finally, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $141.17.

Insider Activity at Sun Communities

In related news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following 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 SEC, which is available through this hyperlink. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the company’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 completion of 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 three months, insiders have sold 7,000 shares of company stock valued at $912,460. 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.