Sun Communities (NYSE:SUI) Releases Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Sun Communities (NYSE:SUI) issued its earnings results on Wednesday. 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), Zacks reports. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same period in the previous year, the company posted $2.57 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis.

Sun Communities Stock Up 1.7 %

NYSE SUI traded up $2.10 during trading on Friday, hitting $125.32. The stock had a trading volume of 1,432,647 shares, compared to its average volume of 828,355. 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 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The company’s 50-day moving average price is $135.32 and its two-hundred day moving average price is $126.80. The company has a market capitalization of $15.62 billion, a PE ratio of 67.38, a P/E/G ratio of 0.96 and a beta of 0.91.

Sun Communities Dividend Announcement

The company 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. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. Sun Communities’s payout ratio is presently 202.15%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SUI shares. Wells Fargo & Company raised their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. UBS Group raised Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. Truist Financial raised 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. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, BMO Capital Markets lowered their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.