Sun Communities (NYSE:SUI) Announces Earnings Results

Sun Communities (NYSE:SUI) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20), Zacks reports. The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.57 earnings per share.

Sun Communities Price Performance

SUI stock traded up $2.10 during 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 stock has a market cap of $15.62 billion, a price-to-earnings ratio of 67.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company’s 50 day moving average price is $135.32 and its two-hundred day moving average price is $126.80. Sun Communities has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on SUI. Wells Fargo & Company upped their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Jefferies Financial Group began coverage on Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 price target on the stock. Royal Bank of Canada dropped their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Finally, Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $145.00 to $126.00 in a report on Thursday. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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.