Fred Alger Management Inc. lowered its stake in shares of Extended Stay America Inc (NYSE:STAY) by 50.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 344,911 shares of the company’s stock after selling 352,325 shares during the period. Fred Alger Management Inc. owned approximately 0.18% of Extended Stay America worth $6,553,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of STAY. Dimensional Fund Advisors LP lifted its stake in shares of Extended Stay America by 128.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 730,492 shares of the company’s stock worth $14,142,000 after purchasing an additional 410,903 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Extended Stay America by 6.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,181 shares of the company’s stock worth $120,000 after purchasing an additional 367 shares during the period. Nationwide Fund Advisors lifted its stake in shares of Extended Stay America by 1.6% in the 3rd quarter. Nationwide Fund Advisors now owns 216,144 shares of the company’s stock worth $4,323,000 after purchasing an additional 3,394 shares during the period. First Trust Advisors LP lifted its stake in shares of Extended Stay America by 63.2% in the 3rd quarter. First Trust Advisors LP now owns 109,931 shares of the company’s stock worth $2,199,000 after purchasing an additional 42,564 shares during the period. Finally, State of Wisconsin Investment Board lifted its stake in shares of Extended Stay America by 1.3% in the 3rd quarter. State of Wisconsin Investment Board now owns 465,446 shares of the company’s stock worth $9,309,000 after purchasing an additional 6,094 shares during the period. Institutional investors and hedge funds own 98.89% of the company’s stock.
Shares of Extended Stay America Inc (NYSE STAY) opened at $19.88 on Monday. The stock has a market cap of $3,799.27, a P/E ratio of 48.49, a P/E/G ratio of 3.55 and a beta of 0.96. Extended Stay America Inc has a fifty-two week low of $15.63 and a fifty-two week high of $21.28. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.94.
Extended Stay America announced that its Board of Directors has initiated a share repurchase plan on Tuesday, February 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend is Monday, March 12th. Extended Stay America’s dividend payout ratio is 148.78%.
In related news, insider Kevin A. Henry sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $19.23, for a total value of $192,300.00. Following the completion of the sale, the insider now directly owns 117,196 shares of the company’s stock, valued at approximately $2,253,679.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.57% of the company’s stock.
Several brokerages have recently weighed in on STAY. Barclays reiterated an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of Extended Stay America in a research note on Wednesday, February 28th. Zacks Investment Research upgraded shares of Extended Stay America from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, February 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $20.50 price objective on shares of Extended Stay America in a research note on Tuesday, January 9th. Finally, JPMorgan Chase & Co. raised shares of Extended Stay America from a “neutral” rating to an “overweight” rating and set a $21.00 target price for the company in a report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $21.06.
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Extended Stay America Profile
Extended Stay America, Inc is a owner/operator of company-branded hotels in North America. The Company operates in the extended stay lodging industry. The Company owns and operates approximately 700 hotel properties consisting of approximately 75,900 rooms located in 44 states across the United States of America and in Canada.
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