The Manufacturers Life Insurance Company Sells 527,824 Shares of Sunstone Hotel Investors, Inc. $SHO

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Sunstone Hotel Investors by 18.5%, owning 2,325,456 shares valued at roughly $21.88 million.
• Analysts have mixed ratings for Sunstone Hotel Investors, with a current consensus rating of "Hold" and an average target price of $9.07, while Wells Fargo cut its price target from $9.00 to $8.50.
• Sunstone Hotel Investors announced a quarterly dividend of $0.09 per share, resulting in an annualized yield of 3.8% and a notably high payout ratio of 1,800.00%.

The Manufacturers Life Insurance Company reduced its stake in Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 18.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,325,456 shares of the real estate investment trust's stock after selling 527,824 shares during the period. The Manufacturers Life Insurance Company owned 1.17% of Sunstone Hotel Investors worth $21,883,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nissay Asset Management Corp Japan ADV lifted its position 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 boosted 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 valued at $45,000 after acquiring an additional 1,560 shares in the last quarter. Aberdeen Group plc increased its holdings in Sunstone Hotel Investors by 2.3% in the 1st quarter. Aberdeen Group plc now owns 73,502 shares of the real estate investment trust's stock worth $692,000 after purchasing an additional 1,669 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Sunstone Hotel Investors by 62.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 4,882 shares of the real estate investment trust's stock worth $46,000 after purchasing an additional 1,881 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Sunstone Hotel Investors in the 4th quarter worth about $33,000. 99.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Truist Financial lowered 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. Wells Fargo & Company cut 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. Evercore ISI increased their price target on Sunstone Hotel Investors from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Wall Street Zen downgraded Sunstone Hotel Investors from a "hold" rating to a "sell" rating in a report on Friday. Finally, 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. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $8.93.

Sunstone Hotel Investors Stock Performance

Sunstone Hotel Investors stock traded down $0.02 during trading on Monday, hitting $9.55. The stock had a trading volume of 170,843 shares, compared to its average volume of 2,359,464. Sunstone Hotel Investors, Inc. has a 1 year low of $7.45 and a 1 year high of $12.41. 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 stock's 50 day moving average is $9.05 and its two-hundred day moving average is $9.03. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 478.49, a price-to-earnings-growth ratio of 3.50 and a beta of 1.29.

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

Sunstone Hotel Investors Dividend Announcement

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 issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.36 dividend on an annualized basis and a yield of 3.8%. Sunstone Hotel Investors's dividend 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.