Convergence Investment Partners LLC lowered its stake in shares of LaSalle Hotel Properties (NYSE:LHO) by 7.9% during the second quarter, Holdings Channel reports. The fund owned 151,106 shares of the real estate investment trust’s stock after selling 13,027 shares during the period. LaSalle Hotel Properties comprises about 0.7% of Convergence Investment Partners LLC’s portfolio, making the stock its 20th largest position. Convergence Investment Partners LLC’s holdings in LaSalle Hotel Properties were worth $4,503,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Karp Capital Management Corp purchased a new position in LaSalle Hotel Properties during the first quarter valued at approximately $1,090,000. James Investment Research Inc. purchased a new position in LaSalle Hotel Properties during the first quarter valued at approximately $138,000. Russell Investments Group Ltd. raised its position in LaSalle Hotel Properties by 23.4% in the first quarter. Russell Investments Group Ltd. now owns 1,238,948 shares of the real estate investment trust’s stock valued at $35,862,000 after buying an additional 234,609 shares in the last quarter. Virginia Retirement Systems ET AL raised its position in LaSalle Hotel Properties by 526.0% in the first quarter. Virginia Retirement Systems ET AL now owns 62,600 shares of the real estate investment trust’s stock valued at $1,812,000 after buying an additional 52,600 shares in the last quarter. Finally, Neuburgh Advisers LLC raised its position in LaSalle Hotel Properties by 2.2% in the first quarter. Neuburgh Advisers LLC now owns 6,188 shares of the real estate investment trust’s stock valued at $179,000 after buying an additional 136 shares in the last quarter.

Shares of LaSalle Hotel Properties (NYSE LHO) opened at 28.11 on Friday. The firm has a 50-day moving average of $29.68 and a 200-day moving average of $29.45. LaSalle Hotel Properties has a one year low of $23.05 and a one year high of $31.87. The firm has a market capitalization of $3.18 billion, a P/E ratio of 10.45 and a beta of 1.16.

LaSalle Hotel Properties (NYSE:LHO) last announced its quarterly earnings data on Wednesday, July 19th. The real estate investment trust reported $0.81 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by $0.01. The firm had revenue of $307.04 million during the quarter, compared to analyst estimates of $318.94 million. LaSalle Hotel Properties had a return on equity of 13.05% and a net margin of 27.85%. LaSalle Hotel Properties’s revenue for the quarter was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, equities analysts predict that LaSalle Hotel Properties will post $1.68 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $0.45 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.40%. LaSalle Hotel Properties’s payout ratio is 66.91%.

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LHO has been the subject of several recent research reports. Barclays PLC restated an “underweight” rating and set a $28.00 price target (up previously from $27.00) on shares of LaSalle Hotel Properties in a research report on Sunday, April 23rd. Boenning Scattergood restated an “outperform” rating and set a $35.00 price target on shares of LaSalle Hotel Properties in a research report on Tuesday, April 18th. Zacks Investment Research lowered shares of LaSalle Hotel Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, April 26th. Robert W. Baird restated a “neutral” rating and set a $31.00 price target (up previously from $30.00) on shares of LaSalle Hotel Properties in a research report on Friday, June 16th. Finally, Deutsche Bank AG lowered their price target on shares of LaSalle Hotel Properties from $28.00 to $27.00 and set a “hold” rating for the company in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. LaSalle Hotel Properties presently has a consensus rating of “Hold” and an average price target of $28.88.

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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Institutional Ownership by Quarter for LaSalle Hotel Properties (NYSE:LHO)

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