Citigroup Inc. restated their hold rating on shares of LaSalle Hotel Properties (NYSE:LHO) in a research report released on Wednesday morning. The brokerage currently has a $24.00 target price on the real estate investment trust’s stock.
Other equities research analysts also recently issued research reports about the company. TheStreet upgraded LaSalle Hotel Properties from a hold rating to a buy rating in a research report on Monday, July 18th. Zacks Investment Research raised LaSalle Hotel Properties from a sell rating to a hold rating in a research note on Tuesday, August 16th. Deutsche Bank AG reaffirmed a hold rating on shares of LaSalle Hotel Properties in a research note on Sunday, June 26th. Credit Suisse Group AG cut LaSalle Hotel Properties from an outperform rating to a neutral rating and decreased their price objective for the stock from $26.00 to $25.00 in a research note on Thursday, July 21st. Finally, BTIG Research initiated coverage on LaSalle Hotel Properties in a research note on Thursday, August 25th. They set a neutral rating for the company. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the stock. LaSalle Hotel Properties has an average rating of Hold and an average target price of $26.85.
Shares of LaSalle Hotel Properties (NYSE:LHO) opened at 24.76 on Wednesday. LaSalle Hotel Properties has a 52 week low of $19.01 and a 52 week high of $32.10. The company has a 50-day moving average price of $25.64 and a 200 day moving average price of $24.96. The stock has a market capitalization of $2.80 billion, a P/E ratio of 21.72 and a beta of 1.35.
LaSalle Hotel Properties (NYSE:LHO) last released its earnings results on Wednesday, July 20th. The real estate investment trust reported $0.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.95. The company earned $351.10 million during the quarter, compared to the consensus estimate of $344.43 million. LaSalle Hotel Properties had a return on equity of 6.51% and a net margin of 11.54%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. Analysts forecast that LaSalle Hotel Properties will post $2.92 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a $0.45 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.27%. LaSalle Hotel Properties’s dividend payout ratio (DPR) is 157.90%.
In related news, COO Alfred L. Young sold 17,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $28.11, for a total transaction of $477,870.00. Following the sale, the chief operating officer now owns 90,024 shares in the company, valued at $2,530,574.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Barnello sold 150,000 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $28.49, for a total value of $4,273,500.00. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in LaSalle Hotel Properties by 5.6% in the second quarter. Vanguard Group Inc. now owns 17,532,161 shares of the real estate investment trust’s stock valued at $413,409,000 after buying an additional 930,029 shares during the last quarter. BlackRock Fund Advisors raised its stake in LaSalle Hotel Properties by 1.6% in the second quarter. BlackRock Fund Advisors now owns 6,052,067 shares of the real estate investment trust’s stock valued at $142,708,000 after buying an additional 96,232 shares during the last quarter. State Street Corp raised its stake in LaSalle Hotel Properties by 0.8% in the second quarter. State Street Corp now owns 5,564,566 shares of the real estate investment trust’s stock valued at $131,213,000 after buying an additional 41,719 shares during the last quarter. Shinko Asset Management Co. Ltd. raised its stake in LaSalle Hotel Properties by 7.4% in the second quarter. Shinko Asset Management Co. Ltd. now owns 5,236,386 shares of the real estate investment trust’s stock valued at $123,474,000 after buying an additional 359,170 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in LaSalle Hotel Properties by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,761,233 shares of the real estate investment trust’s stock valued at $120,507,000 after buying an additional 67,769 shares during the last quarter.
About LaSalle Hotel Properties
Lasalle Hotel Properties is a self-administered and self-managed real estate investment trust (REIT). The Company primarily buys, owns, redevelops and leases upscale and luxury hotels located in convention, resort and urban business markets. The Company owns interest in approximately 50 hotels with over 12,000 guest rooms located in approximately 10 states and the District of Columbia.
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