Wellington Management Group LLP Sells 87,811 Shares of Sun Communities, Inc. (NYSE:SUI)

Wellington Management Group LLP decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 11.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 685,572 shares of the real estate investment trust’s stock after selling 87,811 shares during the quarter. Wellington Management Group LLP owned 0.55% of Sun Communities worth $91,627,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in Sun Communities during the 4th quarter valued at approximately $576,397,000. JPMorgan Chase & Co. lifted its stake in Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after acquiring an additional 1,040,076 shares in the last quarter. Resolution Capital Ltd purchased a new stake in shares of Sun Communities during the 3rd quarter valued at $104,406,000. Russell Investments Group Ltd. increased its holdings in Sun Communities by 75.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after acquiring an additional 570,329 shares during the last quarter. Finally, Rush Island Management LP purchased a new stake in Sun Communities in the 3rd quarter worth about $65,134,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SUI shares. Evercore ISI dropped their price target on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Compass Point boosted their target price on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, March 21st. Truist Financial dropped their target price on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a report on Thursday, May 2nd. Finally, Royal Bank of Canada lowered their target price on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities presently has an average rating of “Hold” and a consensus target price of $136.27.

Sun Communities Stock Performance

NYSE:SUI opened at $117.51 on Friday. The company’s 50-day moving average price is $117.64 and its 200-day moving average price is $125.56. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The company has a market cap of $14.65 billion, a P/E ratio of 101.30, a P/E/G ratio of 1.02 and a beta of 0.87. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Insider Buying and Selling at Sun Communities

In related news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.89% of the company’s stock.

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.