Zacks Investment Research lowered shares of LaSalle Hotel Properties (NYSE:LHO) from a buy rating to a hold rating in a research report sent to investors on Thursday, January 18th.
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 brokerages have also recently commented on LHO. Stifel Nicolaus restated a hold rating on shares of LaSalle Hotel Properties in a research report on Tuesday, October 17th. 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. Citigroup lowered shares of LaSalle Hotel Properties from a neutral rating to a sell rating and set a $25.00 price target on the stock. in a report on Thursday, December 14th. Barclays decreased their price target on shares of LaSalle Hotel Properties from $28.00 to $27.00 and set an underweight rating on the stock in a report on Monday, October 23rd. Finally, Morgan Stanley decreased 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. Eight investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $28.00.
Shares of LaSalle Hotel Properties (NYSE:LHO) traded down $0.11 during trading hours on Thursday, hitting $28.56. 1,563,833 shares of the stock traded hands, compared to its average volume of 1,678,053. The firm has a market cap of $3,246.36, a PE ratio of 17.63, a PEG ratio of 2.45 and a beta of 1.12. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.45. LaSalle Hotel Properties has a one year low of $27.44 and a one year high of $31.75.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.30%. The ex-dividend date was Thursday, December 28th. LaSalle Hotel Properties’s dividend payout ratio is currently 111.11%.
In other news, COO Alfred L. Young sold 17,750 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly 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 SEC, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Chiron Investment Management LLC acquired a new position in shares of LaSalle Hotel Properties during the 2nd quarter valued at $8,132,000. JPMorgan Chase & Co. raised its holdings in LaSalle Hotel Properties by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 1,201,025 shares of the real estate investment trust’s stock worth $34,831,000 after buying an additional 155,893 shares during the last quarter. Brookfield Asset Management Inc. acquired a new position in LaSalle Hotel Properties during the second quarter worth $72,146,000. Alpha Windward LLC raised its holdings in LaSalle Hotel Properties by 1,435.5% during the third quarter. Alpha Windward LLC now owns 17,842 shares of the real estate investment trust’s stock worth $518,000 after buying an additional 16,680 shares during the last quarter. Finally, Royce & Associates LP acquired a new position in LaSalle Hotel Properties during the third quarter worth $798,000.
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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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