Zacks Investment Research upgraded shares of LaSalle Hotel Properties (NYSE:LHO) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $32.00 price objective 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. “
Several other analysts also recently weighed in 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 note on Sunday, October 1st. Stifel Nicolaus reissued a hold rating on shares of LaSalle Hotel Properties in a report on Tuesday, October 17th. Boenning Scattergood reissued a hold rating on shares of LaSalle Hotel Properties in a report on Monday, October 23rd. Morgan Stanley decreased their price objective on LaSalle Hotel Properties from $29.00 to $27.00 and set an equal weight rating for the company in a report on Monday, October 23rd. Finally, Barclays decreased their price objective on LaSalle Hotel Properties from $28.00 to $27.00 and set an underweight rating for the company in a report on Monday, October 23rd. Eight analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. LaSalle Hotel Properties currently has an average rating of Hold and an average target price of $27.83.
LaSalle Hotel Properties (NYSE:LHO) traded up $0.71 during trading on Wednesday, reaching $30.02. The company’s stock had a trading volume of 2,154,225 shares, compared to its average volume of 975,869. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.45. The stock has a market cap of $3,318.82, a P/E ratio of 18.53, a PEG ratio of 2.51 and a beta of 1.11. LaSalle Hotel Properties has a twelve month low of $27.44 and a twelve month high of $31.87.
LaSalle Hotel Properties (NYSE:LHO) last posted its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $0.27 earnings per share 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 firm’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 EPS. analysts expect that LaSalle Hotel Properties will post 2.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a $0.45 dividend. The ex-dividend date was Thursday, December 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.00%. LaSalle Hotel Properties’s payout ratio is 111.11%.
In related news, COO Alfred L. Young sold 17,750 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $28.28, for a total value of $501,970.00. Following the completion of the transaction, the chief operating officer now owns 88,808 shares of the company’s stock, valued at approximately $2,511,490.24. The transaction 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.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new position in LaSalle Hotel Properties in the 3rd quarter worth about $174,000. Fox Run Management L.L.C. acquired a new position in LaSalle Hotel Properties in the 3rd quarter worth about $212,000. Riverhead Capital Management LLC raised its holdings in LaSalle Hotel Properties by 67.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,690 shares of the real estate investment trust’s stock worth $229,000 after purchasing an additional 3,090 shares during the period. Flinton Capital Management LLC raised its holdings in LaSalle Hotel Properties by 67.0% in the 2nd quarter. Flinton Capital Management LLC now owns 8,512 shares of the real estate investment trust’s stock worth $254,000 after purchasing an additional 3,416 shares during the period. Finally, QCM Cayman Ltd. acquired a new position in LaSalle Hotel Properties in the 2nd quarter worth about $254,000.
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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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