Wellington Management Group LLP Has $646.33 Million Position in Sun Communities, Inc. $SUI

Key Points

• Wellington Management reduced its Sun Communities position by 7.7% in the second quarter, selling 452,804 shares and retaining 5.39 million shares worth approximately $646.3 million, or 4.43% of the REIT.
• Institutional investors and hedge funds own 99.59% of Sun Communities, while an insider sale reduced Director Gary A. Shiffman’s holdings by 2.84%; company insiders retain a 1.58% stake.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $139.42 versus a share price of $123.17. The company also offers a $4.48 annualized dividend, yielding about 3.6%.

Wellington Management Group LLP lessened its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 7.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,390,114 shares of the real estate investment trust's stock after selling 452,804 shares during the period. Wellington Management Group LLP owned approximately 4.43% of Sun Communities worth $646,329,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Fulcrum Asset Management LLP acquired a new position in shares of Sun Communities in the 3rd quarter valued at $27,000. Wiser Advisor Group LLC acquired a new stake in Sun Communities during the 3rd quarter worth $46,000. Prosperity Bancshares Inc bought a new position in Sun Communities during the fourth quarter worth about $48,000. Oslo Pensjonsforsikring AS bought a new position in Sun Communities during the first quarter worth about $49,000. Finally, Allworth Financial LP grew its stake in Sun Communities by 141.6% in the fourth quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 252 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Gary A. Shiffman sold 25,031 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total value of $3,002,718.76. Following the completion of the transaction, the director owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.58% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on SUI shares. Bank of America upgraded Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price target for the company in a report on Thursday. Weiss Ratings lowered Sun Communities from a "hold (c)" rating to a "sell (d+)" rating in a research report on Wednesday, August 12th. Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Mizuho dropped their target price on shares of Sun Communities from $143.00 to $137.00 and set an "outperform" rating on the stock in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada lowered shares of Sun Communities from a "moderate buy" rating to a "hold" rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Sun Communities presently has an average rating of "Moderate Buy" and a consensus target price of $139.42.

Sun Communities Trading Down 0.0%

NYSE:SUI opened at $123.17 on Friday. Sun Communities, Inc. has a twelve month low of $115.90 and a twelve month high of $137.85. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $121.35 and a two-hundred day moving average price of $125.78. The company has a market cap of $15.00 billion, a P/E ratio of -17.37, a price-to-earnings-growth ratio of 5.61 and a beta of 0.78.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 30th. Sun Communities's payout ratio is currently -63.19%.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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