Sun Communities (NYSE:SUI) Updates Q2 2024 Earnings Guidance

Sun Communities (NYSE:SUI) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 1.830-1.910 for the period, compared to the consensus earnings per share estimate of 1.920. The company issued revenue guidance of -. Sun Communities also updated its FY 2024 guidance to 7.060-7.220 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. BMO Capital Markets dropped their target price on Sun Communities from $143.00 to $140.00 and set an outperform rating on the stock in a research report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Sun Communities in a research note on Tuesday, January 30th. They set a hold rating and a $129.00 price objective on the stock. Truist Financial lowered their price objective on shares of Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a report on Monday, March 18th. Compass Point raised their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the stock a neutral rating in a report on Thursday, March 21st. Finally, Barclays decreased their target price on shares of Sun Communities from $157.00 to $155.00 and set an overweight rating for the company in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sun Communities currently has an average rating of Hold and an average price target of $141.17.

Sun Communities Trading Up 1.0 %

Sun Communities stock traded up $1.14 during trading hours on Monday, hitting $120.22. The company had a trading volume of 888,759 shares, compared to its average volume of 792,017. The firm has a market cap of $14.98 billion, a P/E ratio of 105.46, a P/E/G ratio of 1.07 and a beta of 0.80. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. Sun Communities has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a 50-day moving average price of $127.11 and a two-hundred day moving average price of $125.37.

Sun Communities Increases Dividend

The company also recently announced 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. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 dividend on an annualized basis and a yield of 3.13%. Sun Communities’s dividend payout ratio is presently 329.83%.

Insider Buying and Selling at Sun Communities

In other news, Director Clunet R. Lewis sold 500 shares of the stock in a transaction on 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 owns 28,400 shares in the company, valued at $3,724,092. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Sun Communities 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 28,400 shares in the company, valued at $3,724,092. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,000 shares of company stock worth $912,460. 1.89% of the stock is owned by corporate insiders.

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.