Sun Communities, Inc. (SUI) to Issue Quarterly Dividend of $0.94 on April 15th

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Investors of record on Monday, March 31st will be given a dividend of 0.94 per share by the real estate investment trust on Tuesday, April 15th. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, March 31st.

Sun Communities has increased its dividend payment by an average of 4.2% annually over the last three years. Sun Communities has a payout ratio of 115.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Sun Communities to earn $7.02 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 53.6%.

Sun Communities Stock Performance

Shares of NYSE:SUI opened at $130.04 on Friday. The business has a 50-day moving average of $128.88 and a two-hundred day moving average of $129.19. The firm has a market capitalization of $16.59 billion, a PE ratio of 69.91 and a beta of 0.90. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, research analysts forecast that Sun Communities will post 6.77 earnings per share for the current year.

Analysts Set New Price Targets

SUI has been the subject of a number of research analyst reports. Jefferies Financial Group dropped their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Wells Fargo & Company cut their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Truist Financial boosted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $136.60.

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.