Bank of New York Mellon Corp cut its stake in Sunstone Hotel Investors, Inc. (NYSE:SHO) by 18.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,746,219 shares of the real estate investment trust’s stock after selling 1,310,569 shares during the period. Bank of New York Mellon Corp owned 2.61% of Sunstone Hotel Investors worth $92,629,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can boosted its position in shares of Sunstone Hotel Investors by 1,404.7% in the first quarter. Bank of Montreal Can now owns 429,333 shares of the real estate investment trust’s stock valued at $6,581,000 after buying an additional 400,800 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Sunstone Hotel Investors by 19.9% in the first quarter. ProShare Advisors LLC now owns 110,818 shares of the real estate investment trust’s stock valued at $1,311,000 after buying an additional 18,372 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Sunstone Hotel Investors by 41.5% in the first quarter. Russell Investments Group Ltd. now owns 2,059,548 shares of the real estate investment trust’s stock valued at $31,559,000 after buying an additional 603,550 shares during the last quarter. Breton Hill Capital Ltd. purchased a new position in shares of Sunstone Hotel Investors during the first quarter valued at approximately $175,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Sunstone Hotel Investors by 46.0% in the first quarter. Canada Pension Plan Investment Board now owns 32,366 shares of the real estate investment trust’s stock valued at $496,000 after buying an additional 10,200 shares during the last quarter.
Shares of Sunstone Hotel Investors, Inc. (NYSE SHO) opened at 15.45 on Friday. Sunstone Hotel Investors, Inc. has a 52-week low of $12.14 and a 52-week high of $16.86. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 20.04 and a beta of 1.17. The stock has a 50 day moving average of $15.93 and a 200-day moving average of $15.57.
Sunstone Hotel Investors (NYSE:SHO) last issued its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The business had revenue of $318.80 million during the quarter, compared to the consensus estimate of $316.96 million. Sunstone Hotel Investors had a return on equity of 7.70% and a net margin of 15.41%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, equities research analysts predict that Sunstone Hotel Investors, Inc. will post $0.69 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.20 dividend on an annualized basis and a yield of 1.29%. Sunstone Hotel Investors’s payout ratio is currently 25.64%.
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SHO has been the subject of several recent analyst reports. Canaccord Genuity reiterated a “buy” rating and issued a $17.00 target price on shares of Sunstone Hotel Investors in a report on Wednesday, May 3rd. Zacks Investment Research cut shares of Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a report on Thursday, May 4th. FBR & Co raised their target price on shares of Sunstone Hotel Investors from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a report on Thursday, May 4th. Robert W. Baird reiterated a “neutral” rating and issued a $17.00 target price (up from $16.00) on shares of Sunstone Hotel Investors in a report on Friday, June 16th. Finally, BidaskClub cut shares of Sunstone Hotel Investors from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $15.80.
About Sunstone Hotel Investors
Sunstone Hotel Investors, Inc operates as a self-managed and self-administered real estate investment trust. The Company’s primary business is to acquire, own, asset manage and renovate primarily urban and resort upper upscale hotels in the United States. It operates through hotel ownership segment. It owns primarily urban and resort upper upscale hotels in the United States.
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