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

Sun Communities, Inc. (NYSE:SUI) declared a quarterly dividend on Monday, March 17th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be given 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 by an average of 4.2% per year over the last three years. Sun Communities has a dividend 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. Equities research 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 Stock Performance

Shares of NYSE:SUI opened at $131.79 on Tuesday. The company’s 50 day moving average price is $127.45 and its two-hundred day moving average price is $129.52. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market cap of $16.79 billion, a PE ratio of 70.85 and a beta of 0.90. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Equities research analysts predict that Sun Communities will post 6.77 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SUI shares. Truist Financial raised their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company reduced their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.