Sunstone Hotel Investors (NYSE:SHO) Updates FY24 Earnings Guidance

Sunstone Hotel Investors (NYSE:SHOGet Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share guidance of $0.78-0.90 for the period, compared to the consensus earnings per share estimate of $0.84. Sunstone Hotel Investors also updated its FY 2024 guidance to 0.780-0.900 EPS.

Sunstone Hotel Investors Price Performance

Shares of NYSE:SHO remained flat at $11.11 during midday trading on Friday. The company had a trading volume of 3,848,916 shares, compared to its average volume of 1,879,174. Sunstone Hotel Investors has a twelve month low of $8.60 and a twelve month high of $11.55. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.26 and a current ratio of 5.26. The firm has a market capitalization of $2.28 billion, a PE ratio of 27.78, a PEG ratio of 6.39 and a beta of 1.22. The company’s fifty day moving average is $10.80 and its 200 day moving average is $9.91.

Sunstone Hotel Investors (NYSE:SHOGet Free Report) last posted its quarterly earnings results on Friday, February 23rd. The real estate investment trust reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.44. Sunstone Hotel Investors had a return on equity of 5.38% and a net margin of 9.61%. The business had revenue of $219.20 million during the quarter, compared to analysts’ expectations of $192.56 million. During the same quarter last year, the company posted $0.26 earnings per share. Sunstone Hotel Investors’s quarterly revenue was down 10.2% on a year-over-year basis. On average, research analysts expect that Sunstone Hotel Investors will post 0.93 earnings per share for the current fiscal year.

Sunstone Hotel Investors Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Wednesday, March 27th. Sunstone Hotel Investors’s payout ratio is currently 60.00%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. cut Sunstone Hotel Investors from a hold rating to a sell rating in a report on Thursday, November 16th. JPMorgan Chase & Co. upgraded Sunstone Hotel Investors from an underweight rating to a neutral rating and boosted their price objective for the stock from $9.00 to $10.00 in a report on Thursday, December 14th. Finally, Wells Fargo & Company boosted their price objective on Sunstone Hotel Investors from $9.50 to $10.00 and gave the stock an underweight rating in a report on Friday, December 22nd. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of Reduce and a consensus price target of $9.40.

View Our Latest Stock Report on SHO

Institutional Investors Weigh In On Sunstone Hotel Investors

Institutional investors have recently made changes to their positions in the stock. Utah Retirement Systems bought a new stake in shares of Sunstone Hotel Investors in the second quarter valued at approximately $132,000. PEAK6 Investments LLC acquired a new position in Sunstone Hotel Investors during the fourth quarter valued at approximately $129,000. Quadrature Capital Ltd acquired a new position in Sunstone Hotel Investors during the fourth quarter valued at approximately $125,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Sunstone Hotel Investors by 515.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 10,387 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Walleye Capital LLC acquired a new position in Sunstone Hotel Investors during the third quarter valued at approximately $120,000.

About Sunstone Hotel Investors

(Get Free Report)

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.

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