Hersha Hospitality Trust (NYSE:HT) announced that its Board of Directors has authorized a stock repurchase program, which permits the company to repurchase $100.00 million in shares on Wednesday, January 3rd, EventVestor reports. This repurchase authorization permits the real estate investment trust to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Hersha Hospitality Trust (NYSE HT) opened at $17.82 on Tuesday. Hersha Hospitality Trust has a 12 month low of $17.15 and a 12 month high of $21.67. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $726.09, a PE ratio of 8.29, a price-to-earnings-growth ratio of 2.02 and a beta of 1.35.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, January 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $1.12 annualized dividend and a yield of 6.29%. Hersha Hospitality Trust’s dividend payout ratio is currently 52.09%.
In other news, Chairman Hasu P. Shah sold 14,500 shares of Hersha Hospitality Trust stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $17.48, for a total transaction of $253,460.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Neil H. Shah purchased 2,823 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were acquired at an average price of $17.71 per share, with a total value of $49,995.33. Following the transaction, the chief operating officer now owns 305,033 shares in the company, valued at approximately $5,402,134.43. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 19,815 shares of company stock valued at $346,990. Corporate insiders own 8.10% of the company’s stock.
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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