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 Upgrades and Downgrades

A number of brokerages have commented on SUI. JMP Securities reaffirmed a market outperform rating and set a $150.00 target price on shares of Sun Communities in a research note on Tuesday, April 23rd. Compass Point increased their price target 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 dropped 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 note on Friday, January 26th. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research note on Tuesday, January 30th. They issued a hold rating and a $129.00 price target on the stock. Finally, Truist Financial cut their price objective on Sun Communities from $143.00 to $136.00 and set a hold rating for the company in a research report on Monday, March 18th. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $141.17.

Sun Communities Stock Down 5.2 %

Shares of SUI traded down $6.31 during mid-day trading on Tuesday, hitting $114.00. 511,361 shares of the company’s stock were exchanged, compared to its average volume of 788,720. The company has a market cap 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 has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The stock’s 50-day moving average is $126.91 and its 200-day moving average is $125.47.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued 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 dividend on an annualized basis and a yield of 3.30%. Sun Communities’s dividend payout ratio is 329.83%.

Insiders Place Their Bets

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were 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 the SEC website. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were 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 the SEC website. Also, CEO Baxter Underwood sold 4,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction 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 $8,789,700.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $912,460 in the last ninety days. 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.