Wellington Management Group LLP Sells 452,804 Shares of Sun Communities, Inc. $SUI

Wellington Management Group LLP cut its position in Sun Communities, Inc. (NYSE:SUI) by 7.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,390,114 shares of the real estate investment trust’s stock after selling 452,804 shares during the quarter. Wellington Management Group LLP’s holdings in Sun Communities were worth $646,329,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fulcrum Asset Management LLP bought a new stake in Sun Communities during the third quarter worth $27,000. Wiser Advisor Group LLC bought a new position in shares of Sun Communities in the 3rd quarter valued at about $46,000. Oslo Pensjonsforsikring AS bought a new position in shares of Sun Communities in the 1st quarter valued at about $49,000. Prosperity Bancshares Inc acquired a new position in shares of Sun Communities during the 4th quarter worth about $48,000. Finally, Allworth Financial LP increased its stake in shares of Sun Communities by 141.6% during the 4th quarter. Allworth Financial LP now owns 430 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 252 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Price Performance

Sun Communities stock opened at $123.17 on Friday. Sun Communities, Inc. has a 12 month low of $115.90 and a 12 month high of $137.85. The stock’s 50 day moving average is $121.35 and its 200-day moving average is $125.78. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $15.00 billion, a price-to-earnings ratio of -17.37, a PEG ratio of 5.61 and a beta of 0.78.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.12 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $4.48 annualized dividend and a yield of 3.6%. Sun Communities’s payout ratio is -63.19%.

Insider Buying and Selling

In other Sun Communities news, Director Gary A. Shiffman sold 25,031 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $119.96, for a total value of $3,002,718.76. Following the transaction, the director directly owned 857,761 shares of the company’s stock, valued at $102,897,009.56. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.58% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SUI shares. Weiss Ratings downgraded shares of Sun Communities from a “hold (c)” rating to a “sell (d+)” rating in a research note on Wednesday, August 12th. Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a research report on Thursday, July 9th. Barclays upped their price objective on shares of Sun Communities from $146.00 to $147.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Finally, Royal Bank Of Canada lowered shares of Sun Communities from a “moderate buy” rating to a “hold” rating in a research report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Sun Communities has a consensus rating of “Moderate Buy” and an average price target of $139.42.

Sun Communities Profile

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.