Jennison Associates LLC Makes New $661,000 Investment in Sunstone Hotel Investors, Inc. (NYSE:SHO)

Jennison Associates LLC bought a new position in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 59,340 shares of the real estate investment trust’s stock, valued at approximately $661,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Sunstone Hotel Investors by 7.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,281,393 shares of the real estate investment trust’s stock worth $35,209,000 after purchasing an additional 236,708 shares in the last quarter. Norges Bank acquired a new stake in shares of Sunstone Hotel Investors during the 4th quarter worth approximately $14,656,000. Balyasny Asset Management L.P. boosted its position in shares of Sunstone Hotel Investors by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,873,721 shares of the real estate investment trust’s stock worth $41,565,000 after acquiring an additional 2,937,603 shares in the last quarter. Heritage Wealth Management LLC acquired a new stake in shares of Sunstone Hotel Investors during the 4th quarter worth approximately $163,000. Finally, Allstate Corp acquired a new stake in shares of Sunstone Hotel Investors during the 4th quarter worth approximately $800,000. Institutional investors and hedge funds own 99.37% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on SHO. Wolfe Research raised shares of Sunstone Hotel Investors from a “peer perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Wednesday. Robert W. Baird raised shares of Sunstone Hotel Investors from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $11.00 to $12.00 in a research note on Tuesday, May 28th. Baird R W raised shares of Sunstone Hotel Investors to a “strong-buy” rating in a research note on Tuesday, May 28th. StockNews.com downgraded shares of Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Finally, Truist Financial dropped their price target on shares of Sunstone Hotel Investors from $13.00 to $12.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Sunstone Hotel Investors currently has a consensus rating of “Hold” and a consensus target price of $10.75.

Sunstone Hotel Investors Price Performance

Shares of NYSE SHO opened at $10.48 on Thursday. Sunstone Hotel Investors, Inc. has a twelve month low of $8.61 and a twelve month high of $11.59. The firm has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $10.62. The company has a market capitalization of $2.13 billion, a PE ratio of 11.64, a P/E/G ratio of 4.82 and a beta of 1.24. The company has a quick ratio of 8.17, a current ratio of 8.17 and a debt-to-equity ratio of 0.43.

Sunstone Hotel Investors (NYSE:SHO) last posted its quarterly earnings results on Monday, May 6th. The real estate investment trust reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.11). The company had revenue of $217.17 million during the quarter, compared to analyst estimates of $212.00 million. Sunstone Hotel Investors had a return on equity of 10.75% and a net margin of 20.69%. On average, sell-side analysts forecast that Sunstone Hotel Investors, Inc. will post 0.89 EPS for the current year.

Sunstone Hotel Investors Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.44%. This is a boost from Sunstone Hotel Investors’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, June 28th. Sunstone Hotel Investors’s dividend payout ratio (DPR) is presently 33.33%.

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.