Jennison Associates LLC Acquires New Stake in Sunstone Hotel Investors, Inc. (NYSE:SHO)

Jennison Associates LLC acquired a new stake in Sunstone Hotel Investors, Inc. (NYSE:SHOFree Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 59,340 shares of the real estate investment trust’s stock, valued at approximately $661,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its position in shares of Sunstone Hotel Investors by 7.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,281,393 shares of the real estate investment trust’s stock valued at $35,209,000 after purchasing an additional 236,708 shares during the period. Norges Bank acquired a new stake in shares of Sunstone Hotel Investors in the 4th quarter valued at about $14,656,000. Balyasny Asset Management L.P. boosted its position in shares of Sunstone Hotel Investors by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,873,721 shares of the real estate investment trust’s stock valued at $41,565,000 after purchasing an additional 2,937,603 shares during the period. Heritage Wealth Management LLC acquired a new stake in shares of Sunstone Hotel Investors in the 4th quarter valued at about $163,000. Finally, Allstate Corp acquired a new stake in shares of Sunstone Hotel Investors in the 4th quarter valued at about $800,000. Hedge funds and other institutional investors own 99.37% of the company’s stock.

Analysts Set New Price Targets

SHO has been the subject of a number of research analyst reports. Truist Financial decreased their target price on Sunstone Hotel Investors from $13.00 to $12.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Compass Point raised Sunstone Hotel Investors from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $10.00 to $12.00 in a research report on Tuesday, May 7th. StockNews.com cut Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. Baird R W raised Sunstone Hotel Investors to a “strong-buy” rating in a research report on Tuesday, May 28th. Finally, Robert W. Baird raised Sunstone Hotel Investors from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $11.00 to $12.00 in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.75.

Check Out Our Latest Stock Analysis on Sunstone Hotel Investors

Sunstone Hotel Investors Stock Performance

Sunstone Hotel Investors stock opened at $10.48 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 8.17 and a current ratio of 8.17. The stock has a fifty day moving average of $10.22 and a two-hundred day moving average of $10.62. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 4.82 and a beta of 1.24. Sunstone Hotel Investors, Inc. has a fifty-two week low of $8.61 and a fifty-two week high of $11.59.

Sunstone Hotel Investors (NYSE:SHOGet Free Report) last released its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.11). The company had revenue of $217.17 million for the quarter, compared to analysts’ expectations of $212.00 million. Sunstone Hotel Investors had a return on equity of 10.75% and a net margin of 20.69%. On average, analysts anticipate that Sunstone Hotel Investors, Inc. will post 0.89 EPS for the current fiscal year.

Sunstone Hotel Investors Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.09 per share. This is an increase from Sunstone Hotel Investors’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.36 annualized dividend and a yield of 3.44%. Sunstone Hotel Investors’s dividend payout ratio (DPR) is presently 33.33%.

Sunstone Hotel Investors Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Sunstone Hotel Investors (NYSE:SHO)

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