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

Sun Communities (NYSE:SUI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 6.760-6.840 for the period, compared to the consensus earnings per share estimate of 7.110. The company issued revenue guidance of -. Sun Communities also updated its Q4 guidance to $1.37 to $1.45 EPS.

Analysts Set New Price Targets

Several equities analysts have commented on SUI shares. Jefferies Financial Group started coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price on the stock. Truist Financial upped their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Evercore ISI boosted their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada reduced their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $141.82.

Sun Communities Trading Up 1.7 %

SUI stock traded up $2.10 during midday trading on Friday, hitting $125.32. The stock had a trading volume of 1,432,647 shares, compared to its average volume of 828,355. The business has a fifty day moving average price of $135.32 and a two-hundred day moving average price of $126.80. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm has a market cap of $15.62 billion, a P/E ratio of 67.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. Sun Communities’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $2.57 earnings per share. On average, sell-side analysts predict that Sun Communities will post 7.11 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. Sun Communities’s dividend payout ratio is currently 202.15%.

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.