Sun Communities’ (NYSE: SUI) forecast for the fourth quarter of 2022 was updated on Tuesday. The company predicted earnings per share (EPS) to be between $1.23 and $1.29 over the given period. The company expected a drop in sales. Sun Communities has updated its EPS guidance from $7.24 to $7.20 for 2022.
Sun Communities (NYSE: SUI) released its latest earnings report on Monday, October 24. The real estate investment trust’s quarterly profit came in at $1.32 per share, well below analysts’ forecast of $1.37 (0.05). Sun Communities’ net margin was 12.33% and its return on equity was 4.42%. For the same prior year period, the company reported EPS of $2.11. Analysts predict Sun Communities will post an EPS of 7.15 for the current fiscal year.
Tuesday’s trading saw a gain in the price of NYSE SUI shares of $9.65, taking their value to $128.03. However, the company only traded 34,598 shares as opposed to its typical volume of 927,567. The company is well capitalized, with a market value of $15.79 billion, a P/E ratio of 46, 74, a P/E/G ratio of 1.91 and a beta of 0.68. The company’s price was $145.36 for the previous 50 days and $158.11 for the previous 200 days, respectively. Sun Communities’ 52-week range includes a high of $211.79 and a low of $117.63. The company’s debt ratio, quick ratio and current ratio are all 2.24.
In reaction to SUI, some brokerages have taken action. Wolfe Research began covering the actions of Sun Communities in a research report released Friday, July 15. The stock received a “peer performance” rating from them. In a report released Wednesday, October 5, Robert W. Baird lowered his price target for Sun Communities from $205.00 to $175.00 and gave the stock an outperform rating. On Monday, October 17, JMP Securities lowered its market outperformance rating and price target for Sun Communities by $200 to $160.00. In research published Friday, October 14, Truist Financial maintained a buy rating for the stock while lowering its price target for Sun Communities from $193.00 to $147.00. In a research note published Thursday, October 13, Sun Communities’ price target was lowered to $156.00 by Evercore ISI. Eight equity research analysts recommended buying the stock; one recommended keeping it and another recommended selling it. According to Bloomberg.com, the company has an average price target of $182.38 and a “moderate buy” consensus recommendation.
The company also recently declared a quarterly dividend and paid it on Friday, October 14. Shareholders who owned shares on Friday, September 30, September 30 received a dividend of $0.88 per share. On Thursday, September 29, September 29, the dividend was due. The annual dividend yield of $3.52 is 2.75%. Sun Communities currently has a payout percentage of 128.94%.
Other news from Sun Communities includes the sale of 6,892 shares of the company on August 9-9 by Executive Vice President Bruce Thelen. The stock was sold at an average price of $165.40 for a total transaction value of $1,139,936.80. The executive vice president will own 25,120 shares of the company worth $4,154,848 after closing the transaction. The sale description document is available on the Securities & Exchange Commission (SEC) website. In addition, 2.25% of the company’s shares are held by insiders.