Zacks Investment Research Upgrades RLJ Lodging Trust (RLJ) to “Hold”
RLJ Lodging Trust (NYSE:RLJ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “RLJ Lodging Trust is a REIT focused on investing primarily in premium-branded, focused-service, and compact full-service hotels. It plans to own hotels concentrated in urban and dense suburban markets. “
A number of other brokerages have also commented on RLJ. Canaccord Genuity lowered RLJ Lodging Trust from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research note on Friday, July 15th. Barclays PLC dropped their price target on RLJ Lodging Trust from $24.00 to $22.00 and set an “underweight” rating for the company in a research note on Friday, August 5th. TheStreet lowered RLJ Lodging Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, September 20th. Robert W. Baird lowered RLJ Lodging Trust from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $25.00 to $24.00 in a research note on Monday, August 8th. Finally, Janney Montgomery Scott started coverage on RLJ Lodging Trust in a research note on Monday, September 26th. They set a “buy” rating and a $21.90 price target for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. RLJ Lodging Trust currently has a consensus rating of “Hold” and a consensus price target of $25.26.
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RLJ Lodging Trust (NYSE:RLJ) traded down 1.61% during trading on Tuesday, hitting $20.77. The company’s stock had a trading volume of 129,249 shares. The firm has a market cap of $2.57 billion, a P/E ratio of 13.19 and a beta of 1.12. The firm has a 50 day moving average of $21.99 and a 200 day moving average of $21.96. RLJ Lodging Trust has a 12 month low of $16.15 and a 12 month high of $27.26.
RLJ Lodging Trust (NYSE:RLJ) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.36. RLJ Lodging Trust had a return on equity of 9.11% and a net margin of 17.13%. The company earned $317.11 million during the quarter, compared to analyst estimates of $318.47 million. During the same period in the prior year, the company earned $0.74 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Equities research analysts predict that RLJ Lodging Trust will post $1.27 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.32 annualized dividend and a dividend yield of 6.25%. RLJ Lodging Trust’s payout ratio is 84.08%.
In other news, CFO Leslie D. Hale sold 10,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $23.62, for a total value of $236,200.00. Following the sale, the chief financial officer now directly owns 283,636 shares in the company, valued at $6,699,482.32. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in RLJ Lodging Trust by 0.7% in the first quarter. State Street Corp now owns 4,512,035 shares of the real estate investment trust’s stock valued at $103,237,000 after buying an additional 33,445 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in RLJ Lodging Trust during the second quarter valued at approximately $176,000. M&T Bank Corp increased its position in RLJ Lodging Trust by 17.9% in the first quarter. M&T Bank Corp now owns 12,010 shares of the real estate investment trust’s stock valued at $275,000 after buying an additional 1,821 shares during the last quarter. Glenmede Trust Co. NA increased its position in RLJ Lodging Trust by 310.8% in the second quarter. Glenmede Trust Co. NA now owns 95,505 shares of the real estate investment trust’s stock valued at $2,047,000 after buying an additional 72,257 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC increased its position in RLJ Lodging Trust by 10.1% in the second quarter. Lasalle Investment Management Securities LLC now owns 6,187,742 shares of the real estate investment trust’s stock valued at $132,727,000 after buying an additional 565,401 shares during the last quarter.
About RLJ Lodging Trust
RLJ Lodging Trust is a real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. The Company owns approximately 130 hotels with over 20,900 rooms, located in approximately 20 states and the District of Columbia, and an interest in a mortgage loan secured by a hotel.
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