Sun Communities (NYSE:SUI) Releases Quarterly Earnings Results, Beats Expectations By $1.10 EPS

Sun Communities (NYSE:SUI) issued its quarterly earnings data on Monday. The real estate investment trust reported $2.35 EPS for the quarter, topping the consensus estimate of $1.25 by $1.10, Briefing.com reports. The firm had revenue of $558.20 million during the quarter, compared to the consensus estimate of $563.59 million. The business’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.28 EPS.

Sun Communities Trading Down 3.0%

NYSE SUI traded down $3.47 on Wednesday, reaching $111.50. 387,210 shares of the stock traded hands, compared to its average volume of 1,165,185. Sun Communities has a 12 month low of $109.77 and a 12 month high of $137.85. The company has a fifty day moving average price of $116.75 and a 200-day moving average price of $123.67.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, September 30th.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Mizuho decreased their price objective on shares of Sun Communities from $137.00 to $136.00 and set an “outperform” rating on the stock in a research report on Monday, September 21st. Wells Fargo & Company cut their price target on Sun Communities from $141.00 to $136.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Jefferies Financial Group upgraded Sun Communities to a “strong-buy” rating in a research note on Wednesday, July 22nd. UBS Group reissued a “neutral” rating on shares of Sun Communities in a report on Tuesday. Finally, Morgan Stanley lowered their price objective on Sun Communities from $135.00 to $126.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $137.05.

Sun Communities Company Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.