Sunstone Hotel Investors, Inc. $SHO Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Sunstone Hotel Investors, Inc. by 14.4%, now owning approximately 2.39 million shares valued at $22.52 million.
• Sunstone Hotel Investors recently reported a EPS of $0.28 for the quarter, exceeding analysts' expectations, with a revenue of $259.77 million.
• The company declared a quarterly dividend of $0.09, representing an annualized yield of 3.7%, with a notably high payout ratio of 1,800%.

Millennium Management LLC increased its stake in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 14.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV purchased a new stake in Sunstone Hotel Investors during the 4th quarter worth about $190,000. Deutsche Bank AG lifted its holdings in Sunstone Hotel Investors by 26.0% during the 4th quarter. Deutsche Bank AG now owns 260,224 shares of the real estate investment trust's stock worth $3,081,000 after buying an additional 53,740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sunstone Hotel Investors by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 115,751 shares of the real estate investment trust's stock worth $1,370,000 after buying an additional 4,397 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in 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. Finally, ProShare Advisors LLC lifted its holdings in Sunstone Hotel Investors by 44.3% during the 4th quarter. ProShare Advisors LLC now owns 61,250 shares of the real estate investment trust's stock worth $725,000 after buying an additional 18,815 shares during the last quarter. 99.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHO has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. initiated coverage on Sunstone Hotel Investors in a report on Monday, June 23rd. They set an "underweight" rating and a $8.00 price target for the company. Evercore ISI boosted their target price on Sunstone Hotel Investors from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Finally, Truist Financial reduced their target price 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. Two 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $8.93.

Sunstone Hotel Investors Stock Performance

SHO stock traded up $0.18 during trading on Thursday, hitting $9.92. The company had a trading volume of 2,982,924 shares, compared to its average volume of 2,142,413. The firm has a market cap of $1.88 billion, a PE ratio of 496.00, a price-to-earnings-growth ratio of 3.57 and a beta of 1.29. Sunstone Hotel Investors, Inc. has a 1-year low of $7.45 and a 1-year high of $12.41. The firm has a 50-day moving average price of $9.17 and a 200-day moving average price of $9.00. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.51.

Sunstone Hotel Investors (NYSE:SHO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. The firm had revenue of $259.77 million for the quarter, compared to analysts' expectations of $256.68 million. Sunstone Hotel Investors had a return on equity of 1.12% and a net margin of 2.15%.The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 EPS. On average, analysts expect that Sunstone Hotel Investors, Inc. will post 0.79 earnings per share for the current year.

Sunstone Hotel Investors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 30th. Sunstone Hotel Investors's payout ratio is 1,800.00%.

About Sunstone Hotel Investors

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.