Sun Communities (NYSE:SUI) Issues FY 2024 Earnings Guidance

Sun Communities (NYSE:SUI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 6.760-6.840 for the period, compared to the consensus estimate of 7.110. The company issued revenue guidance of -. Sun Communities also updated its Q4 guidance to $1.37 to $1.45 EPS.

Sun Communities Price Performance

NYSE SUI traded up $2.10 during trading hours on Friday, reaching $125.32. The company’s stock had a trading volume of 1,432,647 shares, compared to its average volume of 828,355. The stock has a market cap of $15.62 billion, a PE ratio of 67.38, a PEG ratio of 0.96 and a beta of 0.91. 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 is $135.32 and its two-hundred day moving average is $126.80. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI) last announced 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). The company had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.57 earnings per share. Analysts forecast that Sun Communities will post 7.11 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.00%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SUI. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the company from $145.00 to $126.00 in a research note on Thursday. Truist Financial lifted their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company raised their price objective 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. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Finally, Baird R W cut Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $141.82.

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.