Sun Communities (NYSE:SUI) Announces Earnings Results

Sun Communities (NYSE:SUI) announced its earnings results on Wednesday. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20), Zacks reports. Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. The firm had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter last year, the company posted $2.57 earnings per share. Sun Communities’s revenue for the quarter was down 4.4% compared to the same quarter last year.

Sun Communities Trading Up 1.7 %

Shares of NYSE:SUI traded up $2.10 during mid-day 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 market cap of $15.62 billion, a PE ratio of 67.38, a P/E/G 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 200-day moving average is $126.80.

Sun Communities Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. UBS Group upgraded Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. Evercore ISI upped their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Royal Bank of Canada reduced their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.