Sun Communities (NYSE:SUI) Announces Earnings Results

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

Sun Communities Stock Up 1.7 %

Sun Communities stock traded up $2.10 during midday trading on Friday, hitting $125.32. 1,432,647 shares of the company’s stock were exchanged, compared to its average volume of 828,355. 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 has a market cap of $15.62 billion, a PE ratio of 67.42, a P/E/G ratio of 0.96 and a beta of 0.91. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. The firm has a 50-day moving average of $135.32 and a two-hundred day moving average of $126.80.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a 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

A number of research firms have recently issued reports on SUI. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Truist Financial upped their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company upped their price target on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price on the stock. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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.