Sun Communities, Inc. (SUI) Announces $0.67 Quarterly Dividend
Sun Communities, Inc. (NYSE:SUI) announced a quarterly dividend on Tuesday, December 12th, Wall Street Journal reports. Investors of record on Friday, December 29th will be paid a dividend of 0.67 per share by the real estate investment trust on Tuesday, January 16th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, December 28th.
Sun Communities has increased its dividend payment by an average of 1.0% per year over the last three years. Sun Communities has a payout ratio of 64.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sun Communities to earn $4.55 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 58.9%.
Shares of Sun Communities (NYSE SUI) traded down $0.13 during trading on Tuesday, hitting $95.47. 179,600 shares of the company were exchanged, compared to its average volume of 356,026. The firm has a market capitalization of $7,550.00, a price-to-earnings ratio of 23.32, a P/E/G ratio of 3.65 and a beta of 0.27. Sun Communities has a fifty-two week low of $72.51 and a fifty-two week high of $95.83.
A number of equities analysts have issued reports on the stock. Robert W. Baird reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Sun Communities in a research note on Monday. ValuEngine cut shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Evercore ISI raised shares of Sun Communities from an “in-line” rating to an “outperform” rating and set a $86.00 price objective on the stock in a research note on Monday, December 4th. Zacks Investment Research raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Thursday, November 2nd. Finally, Royal Bank of Canada raised their price objective on shares of Sun Communities from $95.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $93.00.
In related news, Director Clunet R. Lewis sold 1,292 shares of the business’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $86.52, for a total value of $111,783.84. Following the sale, the director now directly owns 18,800 shares of the company’s stock, valued at approximately $1,626,576. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clunet R. Lewis sold 5,292 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $86.20, for a total transaction of $456,170.40. Following the completion of the sale, the director now directly owns 18,800 shares in the company, valued at $1,620,560. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,584 shares of company stock worth $1,010,694. Insiders own 4.15% of the company’s stock.
About Sun Communities
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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