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

Sun Communities, Inc. (NYSE:SUI) declared a quarterly dividend on Monday, June 3rd, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.94 per share by the real estate investment trust on Monday, July 15th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Friday, June 28th.

Sun Communities has raised its dividend by an average of 5.6% per year over the last three years. Sun Communities has a dividend payout ratio of 173.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Sun Communities to earn $7.49 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 50.2%.

Sun Communities Price Performance

SUI stock opened at $118.34 on Thursday. The firm has a 50 day moving average of $117.65 and a 200-day moving average of $125.37. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities has a 12 month low of $102.74 and a 12 month high of $141.52. The firm has a market capitalization of $14.75 billion, a P/E ratio of 102.02, a price-to-earnings-growth ratio of 1.05 and a beta of 0.87.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SUI. Truist Financial lowered their target price on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a research note on Thursday, May 2nd. Evercore ISI lowered their target price on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Compass Point raised their target price on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, March 21st. Finally, Royal Bank of Canada lowered their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $136.27.

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.