Allstate Corp Invests $800,000 in Sunstone Hotel Investors, Inc. (NYSE:SHO)

Allstate Corp bought a new stake in Sunstone Hotel Investors, Inc. (NYSE:SHO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 74,532 shares of the real estate investment trust’s stock, valued at approximately $800,000.

A number of other large investors also recently bought and sold shares of SHO. Franklin Resources Inc. lifted its holdings in shares of Sunstone Hotel Investors by 1.1% during the fourth quarter. Franklin Resources Inc. now owns 7,860,281 shares of the real estate investment trust’s stock worth $84,341,000 after purchasing an additional 89,211 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Sunstone Hotel Investors in the 4th quarter valued at about $259,000. Norges Bank purchased a new stake in Sunstone Hotel Investors in the 4th quarter valued at about $14,656,000. Panagora Asset Management Inc. grew its holdings in Sunstone Hotel Investors by 1.8% in the 4th quarter. Panagora Asset Management Inc. now owns 1,091,151 shares of the real estate investment trust’s stock valued at $11,708,000 after buying an additional 19,018 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of Sunstone Hotel Investors by 35.4% during the 4th quarter. Quadrant Capital Group LLC now owns 5,305 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,387 shares during the period. Institutional investors and hedge funds own 99.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on SHO shares. Truist Financial increased their target price on Sunstone Hotel Investors from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Thursday, March 14th. Compass Point raised Sunstone Hotel Investors from a “sell” rating to a “neutral” rating and raised their price target for the company from $10.00 to $12.00 in a report on Tuesday, May 7th. Finally, StockNews.com raised Sunstone Hotel Investors from a “sell” rating to a “hold” rating in a research note on Thursday, May 16th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.50.

Sunstone Hotel Investors Stock Down 0.7 %

NYSE SHO traded down $0.07 during trading hours on Thursday, hitting $10.29. 450,569 shares of the company traded hands, compared to its average volume of 1,822,283. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 4.99 and a beta of 1.22. The company has a debt-to-equity ratio of 0.43, a quick ratio of 8.17 and a current ratio of 8.17. Sunstone Hotel Investors, Inc. has a twelve month low of $8.61 and a twelve month high of $11.59. The business’s 50-day moving average is $10.62 and its 200-day moving average is $10.60.

Sunstone Hotel Investors (NYSE:SHO) last announced its earnings results on Friday, February 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.44. Sunstone Hotel Investors had a return on equity of 10.75% and a net margin of 20.69%. The business had revenue of $219.20 million during the quarter, compared to analyst estimates of $192.56 million. During the same period last year, the company earned $0.26 EPS. Sunstone Hotel Investors’s revenue for the quarter was down 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Sunstone Hotel Investors, Inc. will post 0.88 earnings per share 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. Investors 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 dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Sunstone Hotel Investors’s previous quarterly dividend of $0.07. Sunstone Hotel Investors’s payout ratio is 28.89%.

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.