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

Sun Communities, Inc. (NYSE:SUI - Get Free Report) announced a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.94 per share by the real estate investment trust on Tuesday, April 15th. This represents a $3.76 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Monday, March 31st.

Sun Communities has raised its dividend by an average of 4.2% annually over the last three years. Sun Communities has a payout ratio of 131.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Sun Communities to earn $7.02 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 53.6%.

Sun Communities Price Performance

Shares of NYSE SUI traded up $0.02 during midday trading on Friday, reaching $131.62. 256,591 shares of the stock traded hands, compared to its average volume of 791,082. 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 stock has a market capitalization of $16.76 billion, a PE ratio of 70.77 and a beta of 0.90. Sun Communities has a one year low of $110.98 and a one year high of $147.83. The company's 50 day moving average is $128.03 and its 200 day moving average is $129.53.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, equities research analysts anticipate that Sun Communities will post 6.77 earnings per share for the current year.

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Wall Street Analyst Weigh In

SUI has been the topic of several research reports. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial raised their price target on Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Wells Fargo & Company cut their target price on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating on the stock in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group cut their target price on Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $135.55.

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.