Sun Communities raised its quarterly common stock dividend by 5% to $0.83 per share. This is the fifth consecutive annual dividend increase by the real estate investment trust company.
Sun Communities (SUI) announced that the new dividend will be paid on April 15 to shareholders of record as of March 31. Shares increased 1% to close at $143.28 on March 5.
The company’s annual dividend of $3.32 per share now reflects a dividend yield of 2.32%.
On Feb. 18, BMO Capital analyst John Kim maintained a Buy rating and a price target of $165 (15.2% upside potential) on the stock.
The analyst said, “Manufactured housing REITs have surprisingly seen the steepest multiple compression in the past year,” which Kim views “as a buying opportunity.” (See Sun Communities stock analysis on TipRanks)
The consensus rating among analysts is a Strong Buy based on 3 unanimous Buys. The average analyst price target stands at $163.67 and implies upside potential of around 14.2% to current levels over the next 12 months.
Additionally, Sun Communities scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Related News:
NXP Semiconductors Ramps Up Dividend By 50%, Boosts Share Buyback Plan
Werner Bumps Up Quarterly Dividend By 11%; Street Sees 8% Upside
Bally’s Posts Surprise 4Q Profit But Misses On Revenues; Shares Drop 6%
