Sun Communities (NYSE:SUI) Announces Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Sun Communities (NYSE:SUI) announced its quarterly earnings results 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 business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.26% and a net margin of 7.46%. Sun Communities’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 EPS.

Sun Communities Trading Up 1.7 %

SUI traded up $2.10 during trading on Friday, reaching $125.32. 1,432,647 shares of the stock traded hands, compared to its average volume of 828,355. The stock’s 50-day moving average is $135.32 and its 200 day moving average is $126.80. Sun Communities has a 12 month low of $110.98 and a 12 month high of $147.83. 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 stock has a market capitalization of $15.62 billion, a PE ratio of 67.38, a P/E/G ratio of 0.96 and a beta of 0.91.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is currently 202.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $126.00 in a research report on Thursday. Evercore ISI boosted their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Royal Bank of Canada lowered their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Sun Communities presently has an average rating of “Hold” and a consensus price target of $141.82.

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.