Envestnet Asset Management Inc. grew its position in shares of Sunstone Hotel Investors, Inc. (NYSE:SHO – Get Rating) by 4.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 119,380 shares of the real estate investment trust’s stock after purchasing an additional 4,811 shares during the period. Envestnet Asset Management Inc.’s holdings in Sunstone Hotel Investors were worth $1,184,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in SHO. Securian Asset Management Inc. grew its holdings in shares of Sunstone Hotel Investors by 28.7% during the first quarter. Securian Asset Management Inc. now owns 80,800 shares of the real estate investment trust’s stock valued at $952,000 after buying an additional 18,000 shares during the last quarter. abrdn plc boosted its holdings in Sunstone Hotel Investors by 0.8% in the first quarter. abrdn plc now owns 190,050 shares of the real estate investment trust’s stock worth $2,275,000 after purchasing an additional 1,518 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Sunstone Hotel Investors by 5.1% in the first quarter. Victory Capital Management Inc. now owns 1,778,467 shares of the real estate investment trust’s stock worth $20,965,000 after purchasing an additional 86,750 shares during the last quarter. Wolverine Asset Management LLC boosted its holdings in Sunstone Hotel Investors by 25.2% in the first quarter. Wolverine Asset Management LLC now owns 109,747 shares of the real estate investment trust’s stock worth $1,292,000 after purchasing an additional 22,077 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in Sunstone Hotel Investors in the first quarter worth approximately $17,366,000. Hedge funds and other institutional investors own 99.51% of the company’s stock.
Wall Street Analysts Forecast Growth
SHO has been the topic of several research reports. StockNews.com cut shares of Sunstone Hotel Investors from a “hold” rating to a “sell” rating in a report on Tuesday, November 15th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Sunstone Hotel Investors from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, October 25th. Finally, Citigroup increased their price target on shares of Sunstone Hotel Investors to $12.00 in a research report on Monday, August 22nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.14.
Sunstone Hotel Investors Stock Up 2.3 %
Sunstone Hotel Investors Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, December 29th. This represents a $0.20 annualized dividend and a dividend yield of 1.84%. Sunstone Hotel Investors’s payout ratio is 5.62%.
About Sunstone Hotel Investors
Sunstone Hotel Investors, Inc is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 19 hotels comprised of 9,997 rooms. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt.
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