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

Sun Communities, Inc. (NYSE:SUIGet Free Report) announced a quarterly dividend on Monday, December 2nd,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Wednesday, January 15th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Tuesday, December 31st.

Sun Communities has raised its dividend payment by an average of 5.6% annually over the last three years. Sun Communities has a payout ratio of 241.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Sun Communities to earn $7.03 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 53.5%.

Sun Communities Price Performance

SUI opened at $123.66 on Friday. The firm has a market capitalization of $15.75 billion, a PE ratio of 66.48, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The business’s 50-day moving average is $127.23 and its two-hundred day moving average is $128.65. Sun Communities has a 1 year low of $110.98 and a 1 year high of $147.83.

Sun Communities (NYSE:SUIGet Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. During the same period in the previous year, the firm earned $2.57 EPS. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts anticipate that Sun Communities will post 6.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on SUI shares. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Royal Bank of Canada decreased their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets dropped their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. UBS Group lowered shares of Sun Communities from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Finally, Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Sun Communities currently has an average rating of “Hold” and a consensus target price of $137.08.

View Our Latest Stock Analysis on Sun Communities

About Sun Communities

(Get Free Report)

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.

Featured Stories

Dividend History for Sun Communities (NYSE:SUI)

Receive News & Ratings for Sun Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sun Communities and related companies with MarketBeat.com's FREE daily email newsletter.