State Street Corp Sells 231,053 Shares of Sunstone Hotel Investors, Inc. (NYSE:SHO)

State Street Corp lowered its stake in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO - Free Report) by 1.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 11,799,298 shares of the real estate investment trust's stock after selling 231,053 shares during the period. State Street Corp owned approximately 5.80% of Sunstone Hotel Investors worth $122,825,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Federated Hermes Inc. bought a new stake in Sunstone Hotel Investors in the 2nd quarter valued at $34,000. Quarry LP increased its stake in Sunstone Hotel Investors by 584.1% in the second quarter. Quarry LP now owns 4,310 shares of the real estate investment trust's stock valued at $45,000 after acquiring an additional 3,680 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Sunstone Hotel Investors in the second quarter worth about $52,000. Harbor Capital Advisors Inc. bought a new position in Sunstone Hotel Investors during the third quarter worth about $59,000. Finally, Blue Trust Inc. boosted its holdings in 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 purchasing an additional 5,734 shares in the last quarter. Institutional investors own 99.37% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company increased their target price 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 analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.20.

Sunstone Hotel Investors Price Performance

Shares of NYSE SHO traded down $0.04 during mid-day trading on Friday, hitting $12.21. 2,626,389 shares of the stock were exchanged, compared to its average volume of 3,434,729. Sunstone Hotel Investors, Inc. has a twelve month low of $9.39 and a twelve month high of $12.35. The stock's fifty day simple moving average is $10.69 and its two-hundred day simple moving average is $10.38. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.98 and a current ratio of 2.98. The company has a market cap of $2.45 billion, a P/E ratio of 16.07, a PEG ratio of 6.45 and a beta of 1.25.

Sunstone Hotel Investors (NYSE:SHO - Get Free Report) last announced its earnings results on Tuesday, November 12th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02). Sunstone Hotel Investors had a net margin of 18.61% and a return on equity of 9.04%. The business had revenue of $226.40 million during the quarter, compared to analyst estimates of $224.61 million. During the same quarter last year, the business posted $0.23 earnings per share. The business's quarterly revenue was down 8.6% compared to the same quarter last year. As a group, analysts forecast that Sunstone Hotel Investors, Inc. will post 0.79 EPS for the current fiscal 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 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Tuesday, December 31st. Sunstone Hotel Investors's dividend payout ratio is currently 42.11%.

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.