Sun Communities (NYSE:SUI) Updates Q4 Earnings Guidance

Sun Communities (NYSE:SUI) updated its fourth quarter earnings guidance on Wednesday. The company provided EPS guidance of $1.37 to $1.45 for the period, compared to the consensus EPS estimate of $1.57. Sun Communities also updated its FY 2024 guidance to 6.760-6.840 EPS.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target for the company. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Truist Financial boosted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada cut their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $141.82.

Sun Communities Stock Up 1.7 %

SUI stock opened at $125.32 on Friday. The business’s 50-day moving average price is $135.32 and its 200-day moving average price is $126.80. The stock has a market cap of $15.62 billion, a P/E ratio of 67.42, 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. Sun Communities has a twelve month low of $110.98 and a twelve 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 for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. Sun Communities’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.57 EPS. On average, equities research analysts forecast that Sun Communities will post 7.11 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. 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.