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

Sun Communities, Inc. (NYSE:SUI) declared a quarterly dividend on Tuesday, September 3rd, Wall Street Journal reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.94 per share by the real estate investment trust on Tuesday, October 15th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Monday, September 30th.

Sun Communities has raised its dividend payment by an average of 5.6% annually over the last three years. Sun Communities has a dividend payout ratio of 172.5% 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 $7.46 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 50.4%.

Sun Communities Stock Up 0.3 %

Shares of SUI opened at $135.98 on Friday. 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 firm has a market cap of $16.95 billion, a P/E ratio of 117.22, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company’s 50-day moving average price is $134.17 and its 200 day moving average price is $125.47. Sun Communities has a 12-month low of $102.74 and a 12-month high of $147.83.

Insider Activity

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares in the company, valued at approximately $8,340,810.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Evercore ISI lowered shares of Sun Communities from an “outperform” rating to an “inline” rating and upped their price objective for the stock from $144.00 to $149.00 in a report on Monday, September 16th. Truist Financial raised their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Robert W. Baird boosted their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $140.91.

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.