Principal Financial Group Inc. Buys 116,058 Shares of Sunstone Hotel Investors, Inc. (NYSE:SHO)

Principal Financial Group Inc. grew its position in Sunstone Hotel Investors, Inc. (NYSE:SHO) by 11.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,120,710 shares of the real estate investment trust’s stock after purchasing an additional 116,058 shares during the period. Principal Financial Group Inc. owned about 0.56% of Sunstone Hotel Investors worth $11,566,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in Sunstone Hotel Investors in the 2nd quarter valued at $34,000. Quarry LP lifted its position in shares of Sunstone Hotel Investors by 584.1% during the second quarter. Quarry LP now owns 4,310 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 3,680 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in Sunstone Hotel Investors in the 3rd quarter worth about $59,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Sunstone Hotel Investors by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,510 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 1,937 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Sunstone Hotel Investors by 8,623.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,515 shares of the real estate investment trust’s stock valued at $120,000 after purchasing an additional 11,383 shares in the last quarter. Hedge funds and other institutional investors own 99.37% of the company’s stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company boosted their price objective on Sunstone Hotel Investors from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Sunstone Hotel Investors currently has an average rating of “Hold” and a consensus price target of $12.20.

Sunstone Hotel Investors Stock Performance

NYSE SHO opened at $11.98 on Monday. Sunstone Hotel Investors, Inc. has a 12-month low of $9.39 and a 12-month high of $12.41. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.44. The company has a 50-day simple moving average of $11.06 and a two-hundred day simple moving average of $10.52. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 6.45 and a beta of 1.25.

Sunstone Hotel Investors (NYSE:SHO) last posted its quarterly earnings results on Tuesday, November 12th. The real estate investment trust reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The firm had revenue of $226.40 million for the quarter, compared to the consensus estimate of $224.61 million. Sunstone Hotel Investors had a net margin of 18.61% and a return on equity of 9.04%. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.23 earnings per share. On average, equities analysts forecast that Sunstone Hotel Investors, Inc. will post 0.79 EPS for the current year.

Sunstone Hotel Investors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 3.01%. The ex-dividend date is Tuesday, December 31st. Sunstone Hotel Investors’s dividend payout ratio (DPR) is currently 44.74%.

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.