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.
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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.
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