Sunstone Hotel Investors, Inc. $SHO Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Sunstone Hotel Investors by 25.7%, selling 450,000 shares, which brings their total ownership to approximately 1.3 million shares worth $12.23 million.
• Sunstone Hotel Investors reported a net revenue of $259.77 million for the last quarter, exceeding analysts' expectations of $256.68 million, with an earnings per share of $0.28.
• The company recently declared a $0.09 quarterly dividend, set to be paid on October 15, 2023, which represents an annualized yield of 3.8%.

Adage Capital Partners GP L.L.C. lessened its holdings in Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 25.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,300,000 shares of the real estate investment trust's stock after selling 450,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.65% of Sunstone Hotel Investors worth $12,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Sunstone Hotel Investors by 3.9% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 33,889 shares of the real estate investment trust's stock worth $406,000 after buying an additional 1,258 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Sunstone Hotel Investors by 47.7% during the 1st quarter. GAMMA Investing LLC now owns 4,831 shares of the real estate investment trust's stock worth $45,000 after buying an additional 1,560 shares during the last quarter. Aberdeen Group plc increased its holdings in shares of Sunstone Hotel Investors by 2.3% during the 1st quarter. Aberdeen Group plc now owns 73,502 shares of the real estate investment trust's stock worth $692,000 after buying an additional 1,669 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Sunstone Hotel Investors by 62.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 4,882 shares of the real estate investment trust's stock worth $46,000 after buying an additional 1,881 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Sunstone Hotel Investors during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 99.37% of the company's stock.

Sunstone Hotel Investors Stock Up 1.5%

Shares of SHO stock traded up $0.14 during trading hours on Thursday, hitting $9.45. 948,026 shares of the company were exchanged, compared to its average volume of 2,354,123. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.73 and a current ratio of 2.73. Sunstone Hotel Investors, Inc. has a one year low of $7.45 and a one year high of $12.41. The business's 50-day simple moving average is $9.08 and its two-hundred day simple moving average is $9.03. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 472.49, a P/E/G ratio of 3.44 and a beta of 1.29.

Sunstone Hotel Investors (NYSE:SHO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.28 EPS for the quarter, beating the consensus estimate of $0.26 by $0.02. Sunstone Hotel Investors had a net margin of 2.15% and a return on equity of 1.12%. The company had revenue of $259.77 million for the quarter, compared to analyst estimates of $256.68 million. During the same quarter last year, the business earned $0.28 earnings per share. Sunstone Hotel Investors's revenue was up 5.0% compared to the same quarter last year. Sell-side analysts predict that Sunstone Hotel Investors, Inc. will post 0.79 EPS for the current fiscal year.

Sunstone Hotel Investors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 30th. Sunstone Hotel Investors's dividend payout ratio (DPR) is currently 1,800.00%.

Analyst Ratings Changes

Several brokerages recently issued reports on SHO. Truist Financial lowered their price target on Sunstone Hotel Investors from $11.00 to $10.00 and set a "hold" rating for the company in a report on Wednesday, September 3rd. Evercore ISI increased their price target on Sunstone Hotel Investors from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Wells Fargo & Company lowered their price target on Sunstone Hotel Investors from $9.00 to $8.50 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Wall Street Zen downgraded Sunstone Hotel Investors from a "hold" rating to a "sell" rating in a report on Friday, September 5th. Finally, 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 price target for the company. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Sunstone Hotel Investors currently has a consensus rating of "Hold" and an average target price of $8.93.

Sunstone Hotel Investors 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.