Zacks Investment Research upgraded shares of LaSalle Hotel Properties (NYSE:LHO) from a hold rating to a buy rating in a research note published on Tuesday. The brokerage currently has $32.00 price target on the real estate investment trust’s stock.
According to Zacks, “Lasalle Hotel Properties, which intends to operate as a real estate investment trust for federal income tax purposes, has been formed to own hotel properties and to continue and expand the hotel investment activities of LaSalle Partners Incorporated and certain of its affiliates collectively, LaSalle. LaSalle is an institutionally respected real estate services and investment firm which has extensive experience in the acquisition, investment management, finance, development and disposition of hotel properties. “
Other analysts also recently issued research reports about the stock. TheStreet downgraded shares of LaSalle Hotel Properties from a b rating to a c+ rating in a report on Friday, October 20th. Morgan Stanley dropped their price target on shares of LaSalle Hotel Properties from $29.00 to $27.00 and set an equal weight rating on the stock in a report on Monday, October 23rd. Boenning Scattergood reaffirmed a hold rating on shares of LaSalle Hotel Properties in a report on Monday, October 23rd. Stifel Nicolaus reaffirmed a hold rating on shares of LaSalle Hotel Properties in a report on Tuesday, October 17th. Finally, Robert W. Baird set a $31.00 price target on shares of LaSalle Hotel Properties and gave the company a hold rating in a report on Sunday, October 1st. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. LaSalle Hotel Properties has a consensus rating of Hold and an average target price of $27.83.
LaSalle Hotel Properties (NYSE:LHO) last announced its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.46). The firm had revenue of $285.90 million for the quarter, compared to analysts’ expectations of $295.02 million. LaSalle Hotel Properties had a net margin of 18.10% and a return on equity of 8.31%. The business’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. analysts anticipate that LaSalle Hotel Properties will post 2.46 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.34%. The ex-dividend date is Thursday, December 28th. LaSalle Hotel Properties’s dividend payout ratio (DPR) is presently 111.11%.
In other news, COO Alfred L. Young sold 17,750 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $28.28, for a total value of $501,970.00. Following the transaction, the chief operating officer now owns 88,808 shares in the company, valued at approximately $2,511,490.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in LaSalle Hotel Properties by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 20,095,440 shares of the real estate investment trust’s stock worth $598,844,000 after acquiring an additional 844,043 shares during the period. BlackRock Inc. raised its position in shares of LaSalle Hotel Properties by 3.2% during the second quarter. BlackRock Inc. now owns 14,874,256 shares of the real estate investment trust’s stock valued at $443,254,000 after buying an additional 456,149 shares during the last quarter. State Street Corp raised its position in shares of LaSalle Hotel Properties by 3.4% during the second quarter. State Street Corp now owns 5,768,908 shares of the real estate investment trust’s stock valued at $171,921,000 after buying an additional 189,034 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of LaSalle Hotel Properties by 6.8% during the second quarter. Goldman Sachs Group Inc. now owns 4,834,897 shares of the real estate investment trust’s stock valued at $144,080,000 after buying an additional 307,543 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of LaSalle Hotel Properties by 8.6% during the second quarter. Northern Trust Corp now owns 4,336,299 shares of the real estate investment trust’s stock valued at $129,222,000 after buying an additional 344,154 shares during the last quarter.
About LaSalle Hotel Properties
LaSalle Hotel Properties is a self-administered and self-managed real estate investment trust. The Company primarily buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and urban business markets. As of December 31, 2016, the Company owned interests in 46 hotels with approximately 11,450 guest rooms located in nine states of the United States and the District of Columbia (DC).
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