Sun Communities, Inc. (NYSE:SUI – Get 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.
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
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.
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