Millennium Management LLC Purchases 1,389,917 Shares of Sunstone Hotel Investors, Inc. (NYSE:SHO)

Millennium Management LLC lifted its position in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO) by 368.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,767,636 shares of the real estate investment trust’s stock after buying an additional 1,389,917 shares during the quarter. Millennium Management LLC owned approximately 0.87% of Sunstone Hotel Investors worth $18,489,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SHO. EntryPoint Capital LLC purchased a new position in shares of Sunstone Hotel Investors in the first quarter valued at about $30,000. Federated Hermes Inc. purchased a new position in Sunstone Hotel Investors in the 2nd quarter worth approximately $34,000. Plato Investment Management Ltd bought a new position in Sunstone Hotel Investors in the 1st quarter worth approximately $49,000. 1620 Investment Advisors Inc. purchased a new stake in Sunstone Hotel Investors during the 2nd quarter valued at approximately $52,000. Finally, Blue Trust Inc. raised its position in shares of Sunstone Hotel Investors by 342.9% during the second quarter. Blue Trust Inc. now owns 7,406 shares of the real estate investment trust’s stock valued at $83,000 after buying an additional 5,734 shares during the last quarter. Institutional investors own 99.37% of the company’s stock.

Sunstone Hotel Investors Price Performance

Sunstone Hotel Investors stock opened at $10.47 on Friday. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 4.33 and a beta of 1.24. The firm’s fifty day moving average is $10.17 and its 200 day moving average is $10.34. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.43. Sunstone Hotel Investors, Inc. has a 52-week low of $9.03 and a 52-week high of $11.59.

Sunstone Hotel Investors (NYSE:SHO) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.16). Sunstone Hotel Investors had a net margin of 19.51% and a return on equity of 9.75%. The business had revenue of $247.50 million for the quarter, compared to analysts’ expectations of $248.12 million. During the same period in the previous year, the company earned $0.33 EPS. Sunstone Hotel Investors’s revenue for the quarter was down 10.4% compared to the same quarter last year. Sell-side analysts forecast that Sunstone Hotel Investors, Inc. will post 0.89 EPS for the current fiscal year.

Sunstone Hotel Investors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Monday, September 30th. Sunstone Hotel Investors’s dividend payout ratio (DPR) is 35.56%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SHO shares. Wells Fargo & Company upgraded shares of Sunstone Hotel Investors from an “underweight” rating to an “equal weight” rating and set a $10.50 target price for the company in a research report on Friday, September 13th. Wolfe Research raised Sunstone Hotel Investors from a “peer perform” rating to an “outperform” rating and set a $12.00 target price on the stock in a report on Wednesday, July 10th. Finally, StockNews.com downgraded Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $11.42.

Sunstone Hotel Investors Company Profile

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.