Millennium Management LLC Acquires 469,086 Shares of Sunstone Hotel Investors, Inc. (NYSE:SHO)

Millennium Management LLC lifted its stake in Sunstone Hotel Investors, Inc. (NYSE:SHO) by 28.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,091,809 shares of the real estate investment trust’s stock after purchasing an additional 469,086 shares during the quarter. Millennium Management LLC’s holdings in Sunstone Hotel Investors were worth $24,767,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHO. Principal Financial Group Inc. raised its stake in Sunstone Hotel Investors by 645.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,355,572 shares of the real estate investment trust’s stock valued at $98,929,000 after buying an additional 7,234,862 shares during the last quarter. GRS Advisors LLC bought a new position in shares of Sunstone Hotel Investors during the fourth quarter valued at $22,980,000. Centersquare Investment Management LLC purchased a new position in shares of Sunstone Hotel Investors in the 4th quarter worth about $15,653,000. Bank of America Corp DE boosted its stake in Sunstone Hotel Investors by 23.0% in the 4th quarter. Bank of America Corp DE now owns 6,567,535 shares of the real estate investment trust’s stock worth $77,760,000 after purchasing an additional 1,229,769 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its position in Sunstone Hotel Investors by 22.2% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 4,686,489 shares of the real estate investment trust’s stock valued at $55,488,000 after purchasing an additional 851,104 shares during the last quarter. Hedge funds and other institutional investors own 99.37% of the company’s stock.

Sunstone Hotel Investors Trading Down 0.4%

NYSE:SHO opened at $8.88 on Tuesday. The company has a market cap of $1.77 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 4.52 and a beta of 1.25. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.44. The company has a 50 day simple moving average of $8.78 and a two-hundred day simple moving average of $10.38. Sunstone Hotel Investors, Inc. has a 12 month low of $7.45 and a 12 month high of $12.41.

Sunstone Hotel Investors (NYSE:SHO) last released its quarterly earnings results on Tuesday, May 6th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The firm had revenue of $234.07 million for the quarter, compared to the consensus estimate of $243.34 million. Sunstone Hotel Investors had a return on equity of 9.04% and a net margin of 18.61%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. Research analysts forecast that Sunstone Hotel Investors, Inc. will post 0.79 earnings per share for the current year.

Sunstone Hotel Investors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.09 per share. The ex-dividend date is Monday, June 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 4.05%. Sunstone Hotel Investors’s dividend payout ratio is currently 360.00%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SHO shares. Evercore ISI raised shares of Sunstone Hotel Investors from an “in-line” rating to an “outperform” rating and set a $10.00 target price for the company in a report on Friday. Truist Financial decreased their price objective on shares of Sunstone Hotel Investors from $12.00 to $11.00 and set a “hold” rating for the company in a report on Friday, March 21st. Jefferies Financial Group lowered their price objective on Sunstone Hotel Investors from $12.00 to $8.00 and set a “hold” rating on the stock in a research report on Wednesday, April 9th. Bank of America raised Sunstone Hotel Investors from an “underperform” rating to a “buy” rating and set a $10.00 target price for the company in a report on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their price target on Sunstone Hotel Investors from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $10.25.

Sunstone Hotel Investors Company Profile

Sunstone Hotel Investors, Inc is a lodging real estate investment trust ("REIT") that as of the date of this release owns 14 hotels comprised of 6,675 rooms, the majority of which are operated under nationally recognized brands. Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.