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

Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Monday, March 17th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be given 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 2.85%. The ex-dividend date is Monday, March 31st.

Sun Communities has raised its dividend payment by an average of 4.2% annually over the last three years. Sun Communities has a dividend payout ratio of 131.5% 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 $7.02 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 opened at $131.79 on Tuesday. Sun Communities has a one year low of $110.98 and a one year high of $147.83. The stock has a fifty day moving average of $127.45 and a 200-day moving average of $129.52. The company has a market capitalization of $16.79 billion, a PE ratio of 70.85 and a beta of 0.90. 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 announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. As a group, equities analysts anticipate that Sun Communities will post 6.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SUI. Truist Financial upped their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Jefferies Financial Group lowered their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company lowered their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $135.55.

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.