Millennium Management LLC Has $22.52 Million Stock Position in Sunstone Hotel Investors, Inc. $SHO

Millennium Management LLC raised its stake in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO) by 14.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,392,774 shares of the real estate investment trust’s stock after purchasing an additional 300,965 shares during the quarter. Millennium Management LLC owned 1.20% of Sunstone Hotel Investors worth $22,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sunstone Hotel Investors during the fourth quarter valued at $33,000. GF Fund Management CO. LTD. bought a new position in shares of Sunstone Hotel Investors during the fourth quarter valued at $42,000. GAMMA Investing LLC lifted its holdings in shares of Sunstone Hotel Investors by 47.7% during the first quarter. GAMMA Investing LLC now owns 4,831 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 1,560 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Sunstone Hotel Investors by 62.7% during the first quarter. Smartleaf Asset Management LLC now owns 4,882 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 1,881 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Sunstone Hotel Investors during the first quarter valued at $82,000. 99.37% of the stock is owned by institutional investors.

Sunstone Hotel Investors Price Performance

Shares of SHO stock opened at $9.77 on Friday. The stock has a 50-day moving average price of $9.11 and a 200 day moving average price of $9.02. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 488.74, a PEG ratio of 3.45 and a beta of 1.29. 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 announced its quarterly earnings data on Wednesday, August 6th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $259.77 million during the quarter, compared to analyst estimates of $256.68 million. Sunstone Hotel Investors had a return on equity of 1.12% and a net margin of 2.15%.The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the company earned $0.28 earnings per share. Research analysts expect that Sunstone Hotel Investors, Inc. will post 0.79 EPS for the current year.

Sunstone Hotel Investors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.7%. Sunstone Hotel Investors’s dividend payout ratio is 1,800.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SHO. Evercore ISI boosted their target price on Sunstone Hotel Investors from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Wells Fargo & Company reduced their target price on Sunstone Hotel Investors from $9.00 to $8.50 and set an “equal weight” rating on the stock in a report on Tuesday, July 1st. JPMorgan Chase & Co. began coverage on Sunstone Hotel Investors in a report on Monday, June 23rd. They issued an “underweight” rating and a $8.00 target price on the stock. Truist Financial reduced their target price on Sunstone Hotel Investors from $11.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, September 3rd. Finally, Wall Street Zen downgraded Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.93.

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.