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

Millennium Management LLC increased its position in Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 368.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,767,636 shares of the real estate investment trust's stock after purchasing an additional 1,389,917 shares during the quarter. Millennium Management LLC owned approximately 0.87% of Sunstone Hotel Investors worth $18,489,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SHO. Janney Montgomery Scott LLC increased its position in Sunstone Hotel Investors by 6.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,805 shares of the real estate investment trust's stock valued at $232,000 after buying an additional 1,215 shares in the last quarter. Diversified Trust Co raised its position in shares of Sunstone Hotel Investors by 3.9% in the 1st quarter. Diversified Trust Co now owns 34,553 shares of the real estate investment trust's stock worth $385,000 after purchasing an additional 1,303 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Sunstone Hotel Investors by 5.5% in the 2nd quarter. Van ECK Associates Corp now owns 31,119 shares of the real estate investment trust's stock worth $326,000 after purchasing an additional 1,635 shares during the last quarter. Evergreen Capital Management LLC boosted its stake in Sunstone Hotel Investors by 12.1% in the 2nd quarter. Evergreen Capital Management LLC now owns 17,479 shares of the real estate investment trust's stock worth $184,000 after purchasing an additional 1,881 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in Sunstone Hotel Investors by 6.1% during the 1st quarter. ProShare Advisors LLC now owns 41,451 shares of the real estate investment trust's stock valued at $462,000 after purchasing an additional 2,388 shares during the last quarter. 99.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on SHO. StockNews.com downgraded Sunstone Hotel Investors from a "hold" rating to a "sell" rating in a research note on Thursday, August 1st. Wolfe Research upgraded Sunstone Hotel Investors from a "peer perform" rating to an "outperform" rating and set a $12.00 price objective for the company in a report on Wednesday, July 10th. Finally, 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 on the stock in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.42.

Sunstone Hotel Investors Price Performance

NYSE:SHO traded up $0.31 on Friday, reaching $10.47. 2,154,519 shares of the company's stock traded hands, compared to its average volume of 2,377,307. The stock has a 50-day simple moving average of $10.17 and a 200-day simple moving average of $10.33. Sunstone Hotel Investors, Inc. has a 12 month low of $9.03 and a 12 month high of $11.59. The firm has a market cap of $2.13 billion, a PE ratio of 11.63, a P/E/G ratio of 4.33 and a beta of 1.24. 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 (NYSE:SHO - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $247.50 million for the quarter, compared to analysts' expectations of $248.12 million. During the same period last year, the business earned $0.33 earnings per share. The company's quarterly revenue was down 10.4% compared to the same quarter last year. Equities research analysts forecast that Sunstone Hotel Investors, Inc. will post 0.89 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 Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.44%. Sunstone Hotel Investors's dividend payout ratio (DPR) is presently 35.56%.

Sunstone Hotel Investors 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.