State of New Jersey Common Pension Fund D Sells 71,421 Shares of Sunstone Hotel Investors, Inc. (NYSE:SHO)

State of New Jersey Common Pension Fund D reduced its position in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO) by 28.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 183,417 shares of the real estate investment trust’s stock after selling 71,421 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Sunstone Hotel Investors were worth $1,919,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SHO. EntryPoint Capital LLC bought a new position in Sunstone Hotel Investors during the 1st quarter valued at approximately $30,000. Plato Investment Management Ltd bought a new stake in shares of Sunstone Hotel Investors in the 1st quarter worth approximately $49,000. 1620 Investment Advisors Inc. purchased a new position in shares of Sunstone Hotel Investors during the second quarter valued at approximately $52,000. Quadrant Capital Group LLC raised its holdings in shares of Sunstone Hotel Investors by 35.4% during the fourth quarter. Quadrant Capital Group LLC now owns 5,305 shares of the real estate investment trust’s stock valued at $57,000 after acquiring an additional 1,387 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Sunstone Hotel Investors by 342.9% in the second quarter. Blue Trust Inc. now owns 7,406 shares of the real estate investment trust’s stock worth $83,000 after acquiring an additional 5,734 shares during the period. 99.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SHO. Truist Financial reduced their price objective on shares of Sunstone Hotel Investors from $13.00 to $12.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. Baird R W upgraded shares of Sunstone Hotel Investors to a “strong-buy” rating in a research report on Tuesday, May 28th. Wolfe Research upgraded 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 report on Wednesday, July 10th. Robert W. Baird raised Sunstone Hotel Investors from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $11.00 to $12.00 in a research report on Tuesday, May 28th. Finally, Wells Fargo & Company raised 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. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.07.

Sunstone Hotel Investors Price Performance

Shares of SHO opened at $10.75 on Friday. Sunstone Hotel Investors, Inc. has a fifty-two week low of $8.89 and a fifty-two week high of $11.59. The firm’s 50-day simple moving average is $10.17 and its two-hundred day simple moving average is $10.38. The stock has a market cap of $2.19 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 4.27 and a beta of 1.25. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.75 and a current ratio of 3.75.

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

Sunstone Hotel Investors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.09 per share. The ex-dividend date is Monday, September 30th. This represents a $0.36 annualized dividend and a dividend yield of 3.35%. Sunstone Hotel Investors’s payout ratio 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.