Sun Communities, Inc. (NYSE:SUI) Increases Dividend to $1.04 Per Share

Sun Communities, Inc. (NYSE:SUI - Get Free Report) announced a quarterly dividend on Wednesday, June 4th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 1.04 per share by the real estate investment trust on Thursday, July 31st. This represents a $4.16 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Monday, June 30th. This is a 10.6% increase from Sun Communities's previous quarterly dividend of $0.94.

Sun Communities has a dividend payout ratio of 142.4% 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 research 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 Trading Down 0.9%

Shares of NYSE:SUI traded down $1.14 on Friday, hitting $123.65. The company had a trading volume of 514,628 shares, compared to its average volume of 836,716. Sun Communities has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm's 50-day simple moving average is $123.08 and its two-hundred day simple moving average is $125.48. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of 66.41 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.08. The firm had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm's quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 earnings per share. Equities analysts anticipate that Sun Communities will post 6.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Truist Financial set a $137.00 price objective on Sun Communities and gave the company a "buy" rating in a research report on Tuesday. Royal Bank of Canada lowered their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Bank of America increased their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Robert W. Baird dropped their target price on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen upgraded shares of Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday, May 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $139.09.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in shares of Sun Communities by 21.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust's stock worth $25,128,000 after acquiring an additional 33,981 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Sun Communities during the first quarter worth $362,000. AQR Capital Management LLC grew its holdings in shares of Sun Communities by 17.8% in the first quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust's stock worth $1,554,000 after purchasing an additional 1,827 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Sun Communities by 32.5% in the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock worth $434,000 after buying an additional 829 shares during the period. Institutional investors own 99.59% of the company's stock.

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.