Sun Communities, Inc. to Issue Quarterly Dividend of $0.94 (NYSE:SUI)

Sun Communities, Inc. (NYSE:SUI) announced 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 yield of 2.97%.

Sun Communities has increased its dividend payment 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. 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 Price Performance

NYSE SUI traded down $0.29 on Tuesday, hitting $126.71. 120,698 shares of the company’s stock were exchanged, compared to its average volume of 825,157. The stock has a 50-day moving average of $130.66 and a 200-day moving average of $127.97. The stock has a market cap of $16.14 billion, a price-to-earnings ratio of 68.28, a P/E/G ratio of 0.53 and a beta of 0.89. 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 52 week low of $110.98 and a 52 week high of $147.83.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on SUI shares. Royal Bank of Canada cut their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets reduced their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $139.08.

About Sun Communities

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.