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

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Monday, December 2nd,RTT News reports. Stockholders 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 dividend yield of 2.97%.

Sun Communities has increased its dividend by an average of 5.6% annually over the last three years. Sun Communities has a dividend payout ratio of 203.2% indicating that 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 Stock Down 0.4 %

SUI traded down $0.54 during trading on Tuesday, reaching $126.46. 73,732 shares of the stock were exchanged, compared to its average volume of 824,916. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock’s 50 day moving average price is $130.66 and its two-hundred day moving average price is $127.97. Sun Communities has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a market cap of $16.11 billion, a P/E ratio of 68.28, a price-to-earnings-growth ratio of 0.53 and a beta of 0.89.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% 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 quarter in the prior year, the firm earned $2.57 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. Equities analysts expect that Sun Communities will post 6.78 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SUI. Royal Bank of Canada reduced their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Truist Financial increased their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. BMO Capital Markets reduced their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus price target of $139.08.

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.