Millennium Management LLC Grows Position in Sunstone Hotel Investors, Inc. (NYSE:SHO)

Millennium Management LLC lifted its stake in Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 28.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,091,809 shares of the real estate investment trust's stock after purchasing an additional 469,086 shares during the period. Millennium Management LLC owned 1.04% of Sunstone Hotel Investors worth $24,767,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. increased its stake in shares of Sunstone Hotel Investors by 645.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,355,572 shares of the real estate investment trust's stock worth $98,929,000 after acquiring an additional 7,234,862 shares in the last quarter. Bank of America Corp DE increased its stake in Sunstone Hotel Investors by 23.0% during the 4th quarter. Bank of America Corp DE now owns 6,567,535 shares of the real estate investment trust's stock valued at $77,760,000 after purchasing an additional 1,229,769 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its stake 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 in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Sunstone Hotel Investors by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,156,930 shares of the real estate investment trust's stock valued at $49,218,000 after purchasing an additional 74,952 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Sunstone Hotel Investors by 20.5% during the 4th quarter. Northern Trust Corp now owns 3,159,408 shares of the real estate investment trust's stock valued at $37,407,000 after purchasing an additional 538,089 shares in the last quarter. 99.37% of the stock is owned by hedge funds and other institutional investors.

Sunstone Hotel Investors Price Performance

SHO traded up $0.01 during trading hours on Friday, hitting $8.66. The company's stock had a trading volume of 3,899,379 shares, compared to its average volume of 2,415,654. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.44. Sunstone Hotel Investors, Inc. has a 12 month low of $7.45 and a 12 month high of $12.41. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 11.39, a P/E/G ratio of 4.52 and a beta of 1.25. The business's 50-day moving average price is $8.70 and its 200-day moving average price is $10.33.

Sunstone Hotel Investors (NYSE:SHO - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The real estate investment trust reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Sunstone Hotel Investors had a net margin of 18.61% and a return on equity of 9.04%. The company had revenue of $234.07 million during the quarter, compared to analyst estimates of $243.34 million. During the same period in the prior year, the firm earned $0.18 earnings per share. The firm's revenue for the quarter was up 7.8% compared to the same quarter last year. Sell-side analysts expect that Sunstone Hotel Investors, Inc. will post 0.79 earnings per share for the current fiscal year.

Sunstone Hotel Investors Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.36 annualized dividend and a yield of 4.16%. Sunstone Hotel Investors's dividend payout ratio (DPR) is presently 360.00%.

Analysts Set New Price Targets

SHO has been the subject of a number of analyst reports. Evercore ISI upgraded shares of Sunstone Hotel Investors from an "in-line" rating to an "outperform" rating and set a $10.00 price objective for the company in a research note on Friday, May 16th. Truist Financial reduced their price target on shares of Sunstone Hotel Investors from $12.00 to $11.00 and set a "hold" rating for the company in a research note on Friday, March 21st. Wells Fargo & Company reduced their price target on shares of 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. Jefferies Financial Group reduced their price target on shares of Sunstone Hotel Investors from $12.00 to $8.00 and set a "hold" rating for the company in a research note on Wednesday, April 9th. Finally, Morgan Stanley reduced their price target on shares of Sunstone Hotel Investors from $9.00 to $7.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.25.

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.