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

Wellington Management Group LLP lessened its stake in Sun Communities, Inc. (NYSE:SUI) by 39.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 304,567 shares of the real estate investment trust’s stock after selling 195,243 shares during the period. Wellington Management Group LLP’s holdings in Sun Communities were worth $37,453,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its position in Sun Communities by 45.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group increased its stake in shares of Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after buying an additional 84 shares during the last quarter. Blue Trust Inc. boosted its position in Sun Communities by 86.2% during the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock valued at $157,000 after buying an additional 539 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in Sun Communities by 20.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust’s stock worth $192,000 after acquiring an additional 267 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Shares of SUI stock opened at $124.43 on Monday. The company’s fifty day moving average price is $129.04 and its 200-day moving average price is $128.42. The stock has a market cap of $15.88 billion, a PE ratio of 66.90 and a beta of 0.84. 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 $110.98 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million for the quarter, compared to analysts’ expectations of $724.68 million. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.02%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SUI shares. Truist Financial increased their target price on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company dropped their price objective on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Jefferies Financial Group dropped their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sun Communities has an average rating of “Hold” and a consensus target price of $136.60.

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.