LaSalle Hotel Properties (NYSE:LHO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $34.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.07% from the stock’s current price.
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. “
A number of other research analysts have also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of 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. JPMorgan Chase & Co. cut shares of LaSalle Hotel Properties from a “neutral” rating to an “underweight” rating and set a $24.00 price objective for the company. in a report on Thursday, November 16th. ValuEngine cut shares of LaSalle Hotel Properties from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. UBS Group cut shares of LaSalle Hotel Properties from an “outperform” rating to a “market perform” rating in a report on Monday, October 30th. Finally, Citigroup cut their price objective on shares of LaSalle Hotel Properties from $29.00 to $26.50 and set a “neutral” rating for the company in a report on Wednesday, October 25th. Eight analysts have rated the stock with a sell rating and ten have given a hold rating to the company. LaSalle Hotel Properties has a consensus rating of “Hold” and a consensus price target of $28.00.
In other news, COO Alfred L. Young sold 17,750 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $28.28, for a total transaction of $501,970.00. Following the completion of the sale, the chief operating officer now owns 88,808 shares of the company’s stock, valued at $2,511,490.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in LHO. Brookfield Asset Management Inc. purchased a new stake in shares of LaSalle Hotel Properties during the second quarter worth about $72,146,000. Bank of New York Mellon Corp increased its stake in shares of LaSalle Hotel Properties by 65.1% during the third quarter. Bank of New York Mellon Corp now owns 4,147,536 shares of the real estate investment trust’s stock worth $120,362,000 after purchasing an additional 1,635,160 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of LaSalle Hotel Properties by 4.4% during the second quarter. Vanguard Group Inc. now owns 20,095,440 shares of the real estate investment trust’s stock worth $598,844,000 after purchasing an additional 844,043 shares in the last quarter. Frontier Investment Mgmt Co. acquired a new position in LaSalle Hotel Properties during the second quarter worth about $12,445,000. Finally, Goldman Sachs Group Inc. boosted its position in LaSalle Hotel Properties by 6.8% during the second quarter. Goldman Sachs Group Inc. now owns 4,834,897 shares of the real estate investment trust’s stock worth $144,080,000 after acquiring an additional 307,543 shares during the last quarter.
LaSalle Hotel Properties Company Profile
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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