Sun Communities (NYSE:SUI) Posts Quarterly Earnings Results, Misses Estimates By $0.34 EPS

Key Points

• Sun Communities reported EPS of ($0.07), missing consensus by $0.34, although revenue beat at $507.9 million versus the $473.3 million estimate.
• The company increased its quarterly dividend to $1.12 (from $1.04), implying a $4.48 annual payout and a ~3.5% yield.
• Shares fell $1.97 to $127.86 on the news; analysts hold a consensus Moderate Buy rating with an average price target of $139.73.

Sun Communities (NYSE:SUI - Get Free Report) posted its quarterly earnings results on Monday. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.34), FiscalAI reports. The firm had revenue of $507.90 million for the quarter, compared to the consensus estimate of $473.30 million. Sun Communities had a negative return on equity of 0.04% and a net margin of 61.86%.

Sun Communities Price Performance

Shares of SUI traded down $1.97 during trading hours on Monday, reaching $127.86. 769,944 shares of the company's stock traded hands, compared to its average volume of 804,116. The stock has a market cap of $15.76 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 4.44 and a beta of 0.90. The company has a current ratio of 4.43, a quick ratio of 4.43 and a debt-to-equity ratio of 0.58. The firm's 50 day simple moving average is $131.14 and its 200-day simple moving average is $127.38. Sun Communities has a 12 month low of $115.53 and a 12 month high of $137.85.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $1.12 per share. This is a boost from Sun Communities's previous quarterly dividend of $1.04. The ex-dividend date was Tuesday, March 31st. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.5%. Sun Communities's dividend payout ratio is 41.71%.

Insider Activity

In other news, Director Clunet R. Lewis sold 3,200 shares of Sun Communities stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $136.15, for a total transaction of $435,680.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.58% of the company's stock.

Institutional Trading of Sun Communities

A number of large investors have recently modified their holdings of SUI. Fulcrum Asset Management LLP bought a new stake in shares of Sun Communities during the 3rd quarter valued at about $27,000. Wiser Advisor Group LLC bought a new stake in shares of Sun Communities during the 3rd quarter valued at about $46,000. Prosperity Bancshares Inc bought a new stake in shares of Sun Communities during the 4th quarter valued at about $48,000. Kestra Advisory Services LLC bought a new stake in shares of Sun Communities during the 4th quarter valued at about $68,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of Sun Communities by 37.3% during the 2nd quarter. Smartleaf Asset Management LLC now owns 556 shares of the real estate investment trust's stock valued at $70,000 after acquiring an additional 151 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SUI. Deutsche Bank Aktiengesellschaft downgraded Sun Communities from a "buy" rating to a "hold" rating and set a $138.00 price target for the company. in a research note on Wednesday, April 15th. Citigroup raised their target price on Sun Communities from $150.00 to $155.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Robert W. Baird raised their target price on Sun Communities from $136.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. Wells Fargo & Company upgraded Sun Communities from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $133.00 to $150.00 in a research note on Friday, February 27th. Finally, Zelman & Associates initiated coverage on Sun Communities in a research note on Monday, March 16th. They issued an "outperform" rating and a $127.75 target price for the company. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.73.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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