Wellington Management Group LLP Has $63.93 Million Stock Position in Sun Communities, Inc. $SUI

Key Points

• Wellington Management Group LLP increased its stake in Sun Communities, Inc. by 63.2%, owning nearly 497,000 shares valued at approximately $63.93 million at the end of the latest quarter.
• Sun Communities recently raised its quarterly dividend from $0.94 to $1.04 per share, resulting in a 3.3% yield.
• Wall Street analysts have a consensus rating of "Hold" on Sun Communities' stock, with an average price target of $138.43.

Wellington Management Group LLP grew its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 63.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 496,978 shares of the real estate investment trust's stock after buying an additional 192,411 shares during the period. Wellington Management Group LLP owned 0.39% of Sun Communities worth $63,931,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versor Investments LP increased its stake in shares of Sun Communities by 92.5% in the 1st quarter. Versor Investments LP now owns 6,545 shares of the real estate investment trust's stock valued at $842,000 after buying an additional 3,145 shares during the period. GAMMA Investing LLC boosted its position in shares of Sun Communities by 23.8% in the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock worth $135,000 after purchasing an additional 201 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Sun Communities by 11.6% in the 1st quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after purchasing an additional 120 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Sun Communities by 9.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock worth $520,000 after purchasing an additional 365 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Sun Communities in the 1st quarter worth $2,392,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Colliers Securities assumed coverage on Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Bank of America raised their price target on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday, May 12th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Truist Financial raised their price target on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their price target on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $138.43.

Sun Communities Stock Performance

SUI stock opened at $126.8570 on Friday. The business's 50-day moving average price is $125.57 and its two-hundred day moving average price is $125.76. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The firm has a market cap of $15.88 billion, a PE ratio of 12.41, a P/E/G ratio of 6.54 and a beta of 0.83. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.09. The firm had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.During the same period in the previous year, the company posted $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. As a group, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a dividend of $1.04 per share. This is a boost from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio is presently 40.70%.

Sun Communities Company 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.

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