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

Sun Communities, Inc. (NYSE:SUI) declared a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Investors 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 2.89%. The ex-dividend date of this dividend is Monday, March 31st.

Sun Communities has increased its dividend by an average of 4.2% annually over the last three years. Sun Communities has a dividend payout ratio of 115.7% indicating that 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 Stock Performance

NYSE:SUI opened at $130.04 on Friday. 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 company has a market cap of $16.59 billion, a price-to-earnings ratio of 69.91 and a beta of 0.90. Sun Communities has a 1 year low of $110.98 and a 1 year high of $147.83. The stock’s 50 day simple moving average is $128.88 and its two-hundred day simple moving average is $129.19.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million for the quarter, compared to analysts’ expectations of $724.68 million. As a group, equities analysts anticipate that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SUI has been the subject of several recent research reports. Wells Fargo & Company dropped their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Jefferies Financial Group dropped their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Truist Financial lifted their price objective 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $136.60.

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.