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

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Monday, March 17th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Tuesday, April 15th. This represents a $3.76 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Monday, March 31st.

Sun Communities has increased its dividend payment by an average of 4.2% per year over the last three years. Sun Communities has a payout ratio of 131.5% 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 $7.02 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 Price Performance

SUI stock traded up $3.88 during trading hours on Monday, hitting $132.02. 542,622 shares of the stock traded hands, compared to its average volume of 787,850. The stock has a 50-day simple moving average of $127.27 and a 200 day simple moving average of $129.52. The company has a market cap of $16.82 billion, a P/E ratio of 70.94 and a beta of 0.90. Sun Communities has a one year low of $110.98 and a one year high of $147.83. 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 (NYSE:SUI) last released its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities 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 topic of several analyst reports. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Jefferies Financial Group decreased their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Wells Fargo & Company lowered their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Finally, Truist Financial increased their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $135.55.

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.