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

Sun Communities (NYSE:SUI) updated its FY 2024 earnings guidance on Wednesday. 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 Stock Performance

SUI stock traded down $1.39 during trading on Wednesday, reaching $131.83. 1,407,896 shares of the stock were exchanged, compared to its average volume of 807,051. Sun Communities has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $16.44 billion, a P/E ratio of 153.29, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The stock has a 50 day simple moving average of $135.71 and a 200-day simple moving average of $126.78.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.85%. Sun Communities’s payout ratio is 437.21%.

Analyst Ratings Changes

Several equities research analysts have issued reports on SUI shares. Jefferies Financial Group initiated coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target on the stock. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Royal Bank of Canada lifted their price objective on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Evercore ISI increased their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Finally, UBS Group raised Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Sun Communities currently has an average rating of “Moderate Buy” and a consensus price target of $143.91.

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.