The Manufacturers Life Insurance Company Cuts Holdings in 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 cut its position in Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 18.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,325,456 shares of the real estate investment trust's stock after selling 527,824 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.17% of Sunstone Hotel Investors worth $21,883,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Jump Financial LLC acquired a new stake in shares of Sunstone Hotel Investors in the 1st quarter valued at about $240,000. Cbre Investment Management Listed Real Assets LLC boosted its position in shares of Sunstone Hotel Investors by 16.8% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 5,474,886 shares of the real estate investment trust's stock valued at $51,519,000 after purchasing an additional 788,397 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of 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 valued at $46,000 after purchasing an additional 1,881 shares during the period. APG Asset Management US Inc. boosted its position in shares of Sunstone Hotel Investors by 31.0% in the 1st quarter. APG Asset Management US Inc. now owns 867,197 shares of the real estate investment trust's stock valued at $8,230,000 after purchasing an additional 205,186 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of Sunstone Hotel Investors in the 1st quarter valued at about $153,000. 99.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Sunstone Hotel Investors in a research report on Monday, June 23rd. They issued an "underweight" rating and a $8.00 target price for the company. Evercore ISI upped their target price on Sunstone Hotel Investors from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Wells Fargo & Company decreased their target price on Sunstone Hotel Investors from $9.00 to $8.50 and set an "equal weight" rating for the company in a research report on Tuesday, July 1st. Wall Street Zen downgraded Sunstone Hotel Investors from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Truist Financial reduced their price objective on Sunstone Hotel Investors from $11.00 to $10.00 and set a "hold" rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Sunstone Hotel Investors has a consensus rating of "Hold" and an average target price of $8.93.

Sunstone Hotel Investors Stock Performance

SHO traded down $0.05 on Friday, hitting $9.56. 1,494,882 shares of the company traded hands, compared to its average volume of 2,233,817. The company has a 50 day moving average of $9.05 and a 200-day moving average of $9.05. 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 has a market capitalization of $1.82 billion, a PE ratio of 477.99, a PEG ratio of 3.50 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 - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $259.77 million during the quarter, compared to the consensus estimate 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 was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.28 EPS. Sell-side analysts anticipate that Sunstone Hotel Investors, Inc. will post 0.79 earnings per share for the current year.

Sunstone Hotel Investors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 of this dividend is Tuesday, September 30th. 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.