Sun Communities (NYSE:SUI) Releases Quarterly Earnings Results

Sun Communities (NYSE:SUI - Get Free Report) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20), Zacks reports. The company had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. Sun Communities's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.57 EPS.

Sun Communities Trading Up 1.7 %

SUI stock traded up $2.10 during mid-day trading on Friday, hitting $125.32. 1,432,647 shares of the company were exchanged, compared to its average volume of 828,355. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $15.62 billion, a P/E ratio of 67.38, a PEG ratio of 0.96 and a beta of 0.91. The business has a fifty day simple moving average of $135.32 and a 200-day simple moving average of $126.80. Sun Communities has a 12-month low of $110.98 and a 12-month high of $147.83.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Monday, September 30th. Sun Communities's dividend payout ratio (DPR) is presently 202.15%.

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of research analyst reports. Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a research note on Tuesday, August 13th. StockNews.com lowered Sun Communities from a "hold" rating to a "sell" rating in a research note on Friday, October 18th. UBS Group raised shares of Sun Communities to a "strong-buy" rating in a report on Thursday, October 10th. Wells Fargo & Company raised their price objective on Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a report on Thursday, September 19th. Finally, Jefferies Financial Group began 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Sun Communities currently has an average rating of "Hold" and a consensus price target of $141.82.

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.