Sun Communities, Inc. (NYSE:SUI) Declares $0.94 Quarterly Dividend

Sun Communities, Inc. (NYSE:SUI) declared a quarterly dividend on Monday, December 2nd,RTT News reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.97%.

Sun Communities has increased its dividend by an average of 5.6% per year over the last three years. Sun Communities has a payout ratio of 203.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Sun Communities to earn $7.19 per share next year, which means the company should continue to be able to cover its $3.76 annual dividend with an expected future payout ratio of 52.3%.

Sun Communities Trading Down 0.2 %

Shares of SUI traded down $0.29 during trading hours on Tuesday, hitting $126.71. 120,698 shares of the stock traded hands, compared to its average volume of 825,157. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83. The firm has a market capitalization of $16.14 billion, a PE ratio of 68.28, a price-to-earnings-growth ratio of 0.53 and a beta of 0.89. The business has a fifty day moving average of $130.66 and a 200-day moving average of $127.97.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the prior year, the business earned $2.57 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. Analysts expect that Sun Communities will post 6.78 EPS for the current year.

Wall Street Analyst Weigh In

SUI has been the subject of several research reports. BMO Capital Markets lowered their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Royal Bank of Canada reduced their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Evercore ISI lifted their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $139.08.

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.