Zacks Investment Research upgraded shares of LaSalle Hotel Properties (NYSE:LHO) from a hold rating to a buy rating in a report issued on Wednesday morning. The brokerage currently has $32.00 target price 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. “
A number of other brokerages have also recently commented on LHO. Robert W. Baird set a $31.00 price target on LaSalle Hotel Properties and gave the company a hold rating in a research report on Sunday, October 1st. ValuEngine cut LaSalle Hotel Properties from a buy rating to a hold rating in a report on Thursday, November 30th. Boenning Scattergood reissued a hold rating on shares of LaSalle Hotel Properties in a report on Monday, October 23rd. Wells Fargo & Co dropped their price objective on LaSalle Hotel Properties from $30.00 to $29.00 and set a market perform rating on the stock in a report on Tuesday, October 24th. Finally, Bank of America cut LaSalle Hotel Properties from a neutral rating to an underperform rating in a report on Monday, January 8th. Eight investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $27.83.
LaSalle Hotel Properties (NYSE:LHO) last issued its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.46). LaSalle Hotel Properties had a net margin of 18.10% and a return on equity of 8.31%. The firm had revenue of $285.90 million for the quarter, compared to analysts’ expectations of $295.02 million. During the same period in the prior year, the company earned $0.84 EPS. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. research analysts forecast that LaSalle Hotel Properties will post 2.46 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.14%. LaSalle Hotel Properties’s dividend payout ratio (DPR) is 111.11%.
In related news, COO Alfred L. Young sold 17,750 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $28.28, for a total transaction of $501,970.00. Following the sale, the chief operating officer now owns 88,808 shares of the company’s stock, valued at approximately $2,511,490.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. increased its stake in LaSalle Hotel Properties by 7.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,506,400 shares of the real estate investment trust’s stock worth $42,285,000 after acquiring an additional 103,470 shares during the last quarter. Aurora Investment Counsel bought a new position in LaSalle Hotel Properties in the 4th quarter worth about $1,652,000. AXA increased its stake in LaSalle Hotel Properties by 9.9% in the 3rd quarter. AXA now owns 233,702 shares of the real estate investment trust’s stock worth $6,782,000 after acquiring an additional 20,982 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in LaSalle Hotel Properties by 2.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 147,426 shares of the real estate investment trust’s stock worth $4,278,000 after acquiring an additional 4,072 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in LaSalle Hotel Properties by 3.7% in the 3rd quarter. California Public Employees Retirement System now owns 320,623 shares of the real estate investment trust’s stock worth $9,304,000 after acquiring an additional 11,364 shares during the last quarter.
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LaSalle Hotel Properties Company Profile
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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