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

Sunstone Hotel Investors (NYSE:SHO) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $0.84-0.94 for the period, compared to the consensus earnings per share estimate of $0.85. Sunstone Hotel Investors also updated its FY 2024 guidance to 0.840-0.940 EPS.

Sunstone Hotel Investors Stock Down 0.8 %

Shares of NYSE:SHO traded down $0.08 during midday trading on Wednesday, reaching $10.30. The company had a trading volume of 1,818,699 shares, compared to its average volume of 1,911,271. The stock has a market capitalization of $2.10 billion, a P/E ratio of 11.17, a PEG ratio of 3.98 and a beta of 1.22. The stock’s fifty day moving average price is $10.82 and its 200-day moving average price is $10.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 7.03 and a quick ratio of 7.03. Sunstone Hotel Investors has a one year low of $8.61 and a one year high of $11.59.

Sunstone Hotel Investors (NYSE:SHO) last issued its quarterly earnings results on Friday, February 23rd. The real estate investment trust reported $0.60 EPS for the quarter, topping the consensus estimate of $0.16 by $0.44. The business had revenue of $219.20 million for the quarter, compared to analysts’ expectations of $192.56 million. Sunstone Hotel Investors had a net margin of 20.95% and a return on equity of 11.32%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.26 earnings per share. Equities research analysts expect that Sunstone Hotel Investors will post 0.85 earnings per share for the current fiscal year.

Sunstone Hotel Investors Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.09 dividend. This is an increase from Sunstone Hotel Investors’s previous quarterly dividend of $0.07. This represents a $0.36 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 28th. Sunstone Hotel Investors’s payout ratio is presently 27.96%.

Wall Street Analysts Forecast Growth

SHO has been the subject of a number of analyst reports. StockNews.com raised shares of Sunstone Hotel Investors from a sell rating to a hold rating in a research note on Thursday, March 21st. Compass Point raised Sunstone Hotel Investors from a sell rating to a neutral rating and increased their price objective for the stock from $10.00 to $12.00 in a report on Tuesday. Finally, Truist Financial boosted their price target on Sunstone Hotel Investors from $12.00 to $13.00 and gave the stock a hold rating in a research report on Thursday, March 14th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $10.50.

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.