Sun Communities, Inc. (SUI) to Issue Quarterly Dividend of $0.94 on January 15th

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Monday, December 2nd,RTT News reports. Shareholders 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 yield of 3.04%. The ex-dividend date of this dividend 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. Research 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 Stock Performance

NYSE SUI opened at $123.66 on Friday. The business’s 50 day moving average price is $127.23 and its 200-day moving average price is $128.65. Sun Communities has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The company has a market cap of $15.75 billion, a P/E ratio of 66.48, a P/E/G ratio of 0.51 and a beta of 0.88. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. During the same quarter last year, the firm earned $2.57 EPS. The company’s revenue was down 4.4% on a year-over-year basis. Sell-side analysts predict that Sun Communities will post 6.78 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SUI. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $155.00 to $134.00 in a report on Thursday, November 14th. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 target price for the company. Finally, Bank of America downgraded shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $137.08.

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.