Sun Communities (SUI) Declares $0.93 Dividend

Sun Communities said on March 3, 2023 that its board of directors declared a regular quarterly dividend of $0.93 per share ($3.72 annualized). Previously, the company paid $0.88 per share.

Shares must be purchased before the ex-div date of March 30, 2023 to qualify for the dividend. Shareholders of record as of March 31, 2023 will receive the payment on April 17, 2023.

At the current share price of $145.80 / share, the stock's dividend yield is 2.55%. Looking back five years and taking a sample every week, the average dividend yield has been 2.29%, the lowest has been 1.60%, and the highest has been 3.26%. The standard deviation of yields is 0.40 (n=236).

The current dividend yield is 0.65 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 1.81. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 15.78% Upside

As of March 7, 2023, the average one-year price target for Sun Communities is $168.81. The forecasts range from a low of $156.55 to a high of $194.25. The average price target represents an increase of 15.78% from its latest reported closing price of $145.80.

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The projected annual revenue for Sun Communities is $3,205MM, an increase of 9.10%. The projected annual non-GAAP EPS is $2.97.

What is the Fund Sentiment?

There are 1039 funds or institutions reporting positions in Sun Communities. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to SUI is 0.67%, an increase of 8.64%. Total shares owned by institutions increased in the last three months by 2.51% to 144,707K shares. The put/call ratio of SUI is 0.92, indicating a bullish outlook.

What are Large Shareholders Doing?

Cohen & Steers holds 9,998K shares representing 8.06% ownership of the company. In it's prior filing, the firm reported owning 8,921K shares, representing an increase of 10.77%. The firm increased its portfolio allocation in SUI by 16.84% over the last quarter.

VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 5,514K shares representing 4.44% ownership of the company. In it's prior filing, the firm reported owning 5,318K shares, representing an increase of 3.56%. The firm increased its portfolio allocation in SUI by 2.70% over the last quarter.

Jpmorgan Chase & holds 5,378K shares representing 4.33% ownership of the company. In it's prior filing, the firm reported owning 5,217K shares, representing an increase of 2.99%. The firm decreased its portfolio allocation in SUI by 0.00% over the last quarter.

Principal Financial Group holds 4,524K shares representing 3.65% ownership of the company. In it's prior filing, the firm reported owning 4,674K shares, representing a decrease of 3.31%. The firm decreased its portfolio allocation in SUI by 47.54% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,766K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 3,672K shares, representing an increase of 2.48%. The firm increased its portfolio allocation in SUI by 0.07% over the last quarter.

Sun Communities Background Information
(This description is provided by the company.)

Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada.

This story originally appeared on Fintel.