Wellington Management Group LLP Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

Wellington Management Group LLP cut its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 39.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 304,567 shares of the real estate investment trust's stock after selling 195,243 shares during the quarter. Wellington Management Group LLP owned approximately 0.24% of Sun Communities worth $37,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Cohen & Steers Inc. grew its position in Sun Communities by 30.3% during the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox grew its position in Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC grew its position in Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after purchasing an additional 2,684,214 shares during the last quarter. Norges Bank purchased a new stake in shares of Sun Communities during the 4th quarter valued at about $888,783,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after purchasing an additional 911,857 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Sun Communities stock traded up $1.40 during mid-day trading on Wednesday, hitting $124.41. The company had a trading volume of 194,820 shares, compared to its average volume of 834,528. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company's fifty day moving average is $123.27 and its 200-day moving average is $125.49. The company has a market capitalization of $15.88 billion, a price-to-earnings ratio of 66.89 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the prior year, the firm posted $1.19 EPS. The business's quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.02%. Sun Communities's dividend payout ratio (DPR) is 606.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial raised their target price on shares of Sun Communities from $135.00 to $137.00 and gave the stock a "buy" rating in a research note on Tuesday. Barclays initiated coverage on shares of Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective on the stock. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price for the company. Royal Bank of Canada lowered their price objective on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Sun Communities has an average rating of "Hold" and a consensus target price of $139.09.

About Sun Communities

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.