Wellington Management Group LLP Sells 124,165 Shares of Sun Communities, Inc. (NYSE:SUI)

Wellington Management Group LLP reduced its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 19.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 499,810 shares of the real estate investment trust’s stock after selling 124,165 shares during the period. Wellington Management Group LLP owned about 0.39% of Sun Communities worth $67,549,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assetmark Inc. lifted its stake in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Sun Communities during the 3rd quarter worth approximately $41,000. Quest Partners LLC lifted its stake in shares of Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 381 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Sun Communities during the 3rd quarter worth approximately $60,000. Finally, 1620 Investment Advisors Inc. bought a new stake in Sun Communities during the 2nd quarter valued at $62,000. 99.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SUI. Baird R W lowered Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and decreased their target price for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Finally, Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $139.08.

Sun Communities Stock Performance

NYSE SUI opened at $122.83 on Wednesday. The stock has a market capitalization of $15.65 billion, a price-to-earnings ratio of 66.04, a PEG ratio of 0.52 and a beta of 0.88. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average of $129.59 and a 200 day moving average of $128.12.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same period in the previous year, the company earned $2.57 EPS. Sun Communities’s revenue was down 4.4% compared to the same quarter last year. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.06%. Sun Communities’s payout ratio is currently 202.15%.

Sun Communities Profile

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.