Convergence Investment Partners LLC Has $1.68 Million Stake in Hersha Hospitality Trust (HT)
Convergence Investment Partners LLC raised its position in Hersha Hospitality Trust (NYSE:HT) by 92.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,585 shares of the real estate investment trust’s stock after buying an additional 43,460 shares during the period. Convergence Investment Partners LLC’s holdings in Hersha Hospitality Trust were worth $1,677,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Hersha Hospitality Trust by 10,630.7% in the first quarter. BlackRock Inc. now owns 5,955,224 shares of the real estate investment trust’s stock worth $111,899,000 after buying an additional 5,899,727 shares during the period. Brookfield Asset Management Inc. increased its position in Hersha Hospitality Trust by 30.6% in the first quarter. Brookfield Asset Management Inc. now owns 3,013,725 shares of the real estate investment trust’s stock valued at $56,628,000 after buying an additional 705,256 shares during the last quarter. Vanguard Group Inc. increased its position in Hersha Hospitality Trust by 8.7% in the first quarter. Vanguard Group Inc. now owns 7,032,015 shares of the real estate investment trust’s stock valued at $132,132,000 after buying an additional 561,377 shares during the last quarter. Nuveen Asset Management LLC increased its position in Hersha Hospitality Trust by 265.5% in the first quarter. Nuveen Asset Management LLC now owns 566,490 shares of the real estate investment trust’s stock valued at $10,644,000 after buying an additional 411,508 shares during the last quarter. Finally, Norges Bank purchased a new position in Hersha Hospitality Trust during the fourth quarter valued at $7,881,000. 96.55% of the stock is owned by institutional investors and hedge funds.
Hersha Hospitality Trust (NYSE:HT) opened at 18.47 on Tuesday. The company has a 50-day moving average price of $18.50 and a 200 day moving average price of $19.03. Hersha Hospitality Trust has a 1-year low of $16.80 and a 1-year high of $22.14. The stock has a market capitalization of $772.67 million, a P/E ratio of 8.10 and a beta of 1.38.
Hersha Hospitality Trust (NYSE:HT) last announced its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by $0.02. Hersha Hospitality Trust had a return on equity of 14.78% and a net margin of 22.77%. The firm had revenue of $138 million for the quarter, compared to the consensus estimate of $134.55 million. During the same period in the previous year, the firm earned $0.89 EPS. Hersha Hospitality Trust’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts predict that Hersha Hospitality Trust will post $2.23 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.12 annualized dividend and a yield of 6.06%. Hersha Hospitality Trust’s payout ratio is 48.70%.
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HT has been the subject of several research analyst reports. FBR & Co dropped their price objective on Hersha Hospitality Trust from $23.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, July 27th. Zacks Investment Research downgraded Hersha Hospitality Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Stifel Nicolaus dropped their price objective on Hersha Hospitality Trust from $20.50 to $20.00 and set a “hold” rating for the company in a research note on Wednesday, April 26th. ValuEngine raised Hersha Hospitality Trust from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 19th. Finally, BidaskClub downgraded Hersha Hospitality Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Hersha Hospitality Trust currently has an average rating of “Hold” and a consensus target price of $20.00.
In other news, COO Neil H. Shah bought 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were purchased at an average price of $18.00 per share, with a total value of $25,200.00. Following the completion of the acquisition, the chief operating officer now directly owns 296,308 shares in the company, valued at $5,333,544. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.10% of the stock is owned by insiders.
About Hersha Hospitality Trust
Hersha Hospitality Trust is a self-advised real estate investment trust (REIT). The Company invests primarily in institutional grade hotels in urban gateway markets, including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and select markets on the West Coast. As of July 20, 2017, the Company’s hotels included 51 hotels totaling 7,804 rooms located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast.
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