Sun Communities (NYSE:SUI) Issues 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 (EPS) guidance of 6.760-6.840 for the period, compared to the consensus estimate of 7.110. The company issued revenue guidance of -. Sun Communities also updated its Q4 guidance to $1.37 to $1.45 EPS.

Sun Communities Trading Up 1.7 %

SUI stock traded up $2.10 during trading on Friday, hitting $125.32. The company had a trading volume of 1,432,647 shares, compared to its average volume of 828,355. The stock has a market cap of $15.62 billion, a price-to-earnings ratio of 67.38, a PEG ratio of 0.96 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $135.32 and a 200-day moving average price of $126.80. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83.

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). Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same period last year, the company earned $2.57 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. As a group, analysts predict that Sun Communities will post 7.11 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 3.00%. Sun Communities’s payout ratio is 202.15%.

Analyst Ratings Changes

A number of analysts recently issued reports on SUI shares. UBS Group raised Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. Evercore ISI lifted their price target on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Wells Fargo & Company upped their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $145.00 to $126.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $141.82.

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.