Chatham Lodging Trust (CLDT) Stock Rating Lowered by Zacks Investment Research
Chatham Lodging Trust (NYSE:CLDT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Chatham Lodging Trust is a self-advised hotel REIT, formed to invest in premium-branded upscale extended-stay and select-service hotels. The Company intends to invest primarily in hotels in large metropolitan markets in the United States. Chatham Lodging Trust expects that a significant portion of its portfolio will consist of hotels in the upscale extended-stay market, including brands such as Residence Inn by Marriott, Homewood Suites by Hilton and Summerfield Suites by Hyatt. It also intends to invest in premium-branded select-service hotels such as Courtyard by Marriott, Hampton Inn and Hampton Inn and Suites. “
A number of other equities research analysts have also recently commented on the stock. Cantor Fitzgerald cut shares of Chatham Lodging Trust from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays PLC cut shares of Chatham Lodging Trust from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $24.00 to $22.00 in a report on Thursday, August 4th. FBR & Co lowered shares of Chatham Lodging Trust from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $26.00 to $23.00 in a research note on Thursday, August 4th. Finally, SunTrust Banks Inc. dropped their price objective on shares of Chatham Lodging Trust from $20.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Chatham Lodging Trust presently has a consensus rating of “Hold” and a consensus price target of $22.42.
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Shares of Chatham Lodging Trust (NYSE:CLDT) traded down 0.56% during midday trading on Wednesday, reaching $17.90. 254,365 shares of the company’s stock traded hands. The stock has a 50 day moving average of $19.77 and a 200-day moving average of $21.28. The stock has a market cap of $684.51 million, a P/E ratio of 20.13 and a beta of 1.03. Chatham Lodging Trust has a 12 month low of $16.12 and a 12 month high of $24.80.
Chatham Lodging Trust (NYSE:CLDT) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Chatham Lodging Trust had a return on equity of 4.93% and a net margin of 11.72%. The firm had revenue of $78 million for the quarter, compared to analyst estimates of $78.81 million. During the same quarter last year, the company earned $0.71 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that Chatham Lodging Trust will post $2.30 EPS for the current fiscal year.
The company also recently declared a monthly dividend, which will be paid on Friday, November 25th. Investors of record on Monday, October 31st will be given a dividend of $0.11 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date is Thursday, October 27th. Chatham Lodging Trust’s payout ratio is currently 150.00%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLDT. Teacher Retirement System of Texas raised its position in Chatham Lodging Trust by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 5,371 shares of the company’s stock worth $118,000 after buying an additional 647 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new position in Chatham Lodging Trust during the second quarter worth $123,000. Societe Generale purchased a new position in Chatham Lodging Trust during the second quarter worth $136,000. SG Americas Securities LLC purchased a new position in Chatham Lodging Trust during the second quarter worth $136,000. Finally, PNC Financial Services Group Inc. raised its position in Chatham Lodging Trust by 2,937.7% in the second quarter. PNC Financial Services Group Inc. now owns 6,197 shares of the company’s stock worth $136,000 after buying an additional 5,993 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.
About Chatham Lodging Trust
Chatham Lodging Trust is a real estate investment trust (REIT) organized to invest primarily in premium-branded upscale extended-stay and select-service hotels. The Company’s assets are held by, and all of its operations are conducted through Chatham Lodging, L.P (Operating Partnership). The Operating Partnership and its subsidiaries lease the Company’s hotels.
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