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

Sun Communities (NYSE:SUI) updated its FY 2024 earnings guidance on Wednesday. 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.

Sun Communities Stock Up 1.7 %

SUI stock traded up $2.10 during mid-day trading on Friday, hitting $125.32. 1,432,647 shares of the company were exchanged, compared to its average volume of 828,355. The company has a market capitalization of $15.62 billion, a PE ratio of 67.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a current ratio of 1.42, a quick 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. The firm has a fifty day simple moving average of $135.32 and a 200 day simple moving average of $126.80.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, November 6th. 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). Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The business had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the previous year, the business posted $2.57 earnings per share. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, research analysts forecast that Sun Communities will post 7.11 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given 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 dividend payout ratio is presently 202.15%.

Wall Street Analyst Weigh In

SUI has been the topic of several recent research 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 objective on the stock. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday. UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Finally, Evercore ISI lifted their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average 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.