Wellington Management Group LLP Sells 124,165 Shares of Sun Communities, Inc. (NYSE:SUI)

Wellington Management Group LLP lowered its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 19.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 499,810 shares of the real estate investment trust's stock after selling 124,165 shares during the period. Wellington Management Group LLP owned about 0.39% of Sun Communities worth $67,549,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Assetmark Inc. grew its stake in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group purchased a new position in shares of Sun Communities in the third quarter worth approximately $41,000. Quest Partners LLC grew its position in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock valued at $46,000 after buying an additional 381 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Sun Communities during the third quarter valued at approximately $60,000. Finally, 1620 Investment Advisors Inc. bought a new position in Sun Communities in the second quarter worth approximately $62,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

SUI stock traded down $1.66 during mid-day trading on Wednesday, hitting $121.18. The company had a trading volume of 860,493 shares, compared to its average volume of 828,292. The company has a market capitalization of $15.44 billion, a price-to-earnings ratio of 65.66, a P/E/G ratio of 0.52 and a beta of 0.88. The company has a 50-day moving average price of $129.59 and a 200 day moving average price of $128.12. The company has a quick ratio of 1.61, a current 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 - Get Free Report) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to analysts' expectations of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities's quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.57 earnings per share. On average, research analysts anticipate that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, December 31st. Sun Communities's dividend payout ratio is presently 202.15%.

Analysts Set New Price Targets

Several research firms have recently commented on SUI. BMO Capital Markets reduced their price objective on Sun Communities from $145.00 to $138.00 and set an "outperform" rating for the company in a research note on Thursday, November 7th. Robert W. Baird cut Sun Communities from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Bank of America cut Sun Communities from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Evercore ISI increased their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a report on Monday, October 21st. Finally, Jefferies Financial Group started coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a "buy" rating and a $160.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $137.08.

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.