Wells Fargo & Company Trims Hersha Hospitality Trust (HT) Target Price to $17.00

Hersha Hospitality Trust (NYSE:HT) had its target price cut by Wells Fargo & Company from $18.00 to $17.00 in a research report report published on Friday morning. They currently have a market perform rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on HT. Zacks Investment Research cut Hersha Hospitality Trust from a hold rating to a sell rating in a research note on Thursday, October 19th. Stifel Nicolaus reissued a hold rating and set a $19.00 target price on shares of Hersha Hospitality Trust in a research note on Thursday, September 7th. DA Davidson started coverage on Hersha Hospitality Trust in a research note on Friday, September 29th. They set a buy rating and a $21.00 target price for the company. FBR & Co cut their target price on Hersha Hospitality Trust from $23.00 to $21.00 and set an outperform rating for the company in a research note on Thursday, July 27th. Finally, Robert W. Baird reissued a buy rating and set a $20.00 target price on shares of Hersha Hospitality Trust in a research note on Friday, September 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Hersha Hospitality Trust has a consensus rating of Hold and a consensus price target of $19.60.

Hersha Hospitality Trust (NYSE:HT) opened at 17.34 on Friday. The company has a market cap of $725.40 million, a P/E ratio of 7.61 and a beta of 1.39. The stock’s 50 day moving average price is $18.59 and its 200 day moving average price is $18.59. Hersha Hospitality Trust has a 52-week low of $16.80 and a 52-week high of $22.14.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $0.28 dividend. The ex-dividend date was Thursday, September 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 6.46%. Hersha Hospitality Trust’s payout ratio is presently 52.09%.

In other news, insider Neil H. Shah acquired 1,500 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was acquired at an average cost of $17.91 per share, with a total value of $26,865.00. Following the completion of the purchase, the insider now owns 302,210 shares of the company’s stock, valued at approximately $5,412,581.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Neil H. Shah acquired 4,165 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was purchased at an average cost of $17.93 per share, with a total value of $74,678.45. Following the completion of the purchase, the insider now directly owns 297,418 shares of the company’s stock, valued at approximately $5,332,704.74. The disclosure for this purchase can be found here. Insiders bought 8,679 shares of company stock valued at $155,506 over the last ninety days. Insiders own 8.10% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Pinebridge Investments L.P. grew its stake in shares of Hersha Hospitality Trust by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 5,503 shares of the real estate investment trust’s stock valued at $101,000 after buying an additional 54 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Hersha Hospitality Trust by 76.8% in the second quarter. State of Alaska Department of Revenue now owns 8,186 shares of the real estate investment trust’s stock valued at $151,000 after buying an additional 3,556 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Hersha Hospitality Trust in the first quarter valued at $179,000. KCG Holdings Inc. acquired a new stake in shares of Hersha Hospitality Trust in the first quarter valued at $200,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Hersha Hospitality Trust in the second quarter valued at $219,000. 98.01% of the stock is owned by institutional investors and hedge funds.

About Hersha Hospitality Trust

Hersha Hospitality Trust is a self-advised real estate investment trust (REIT). The Company invests primarily in institutional grade hotels in urban gateway markets, including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and select markets on the West Coast. As of July 20, 2017, the Company’s hotels included 51 hotels totaling 7,804 rooms located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast.

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