Zacks Investment Research Lowers LaSalle Hotel Properties (LHO) to Sell
Zacks Investment Research cut shares of LaSalle Hotel Properties (NYSE:LHO) from a hold rating to a sell rating in a report released on Tuesday morning.
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. “
Several other research analysts have also recently weighed in on LHO. Deutsche Bank lowered their price objective on LaSalle Hotel Properties from $28.00 to $24.00 and set a hold rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird set a $27.00 target price on LaSalle Hotel Properties and gave the stock a hold rating in a report on Thursday, February 22nd. Barclays reduced their target price on LaSalle Hotel Properties from $27.00 to $24.00 and set an underweight rating on the stock in a report on Thursday, February 22nd. Boenning Scattergood reissued a sell rating on shares of LaSalle Hotel Properties in a report on Thursday, February 22nd. Finally, ValuEngine lowered LaSalle Hotel Properties from a buy rating to a hold rating in a report on Thursday, February 22nd. Nine analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $26.73.
In other LaSalle Hotel Properties news, CEO Michael D. Barnello bought 19,398 shares of the stock in a transaction on Friday, March 2nd. The stock was acquired at an average cost of $24.65 per share, for a total transaction of $478,160.70. Following the completion of the acquisition, the chief executive officer now owns 183,221 shares in the company, valued at approximately $4,516,397.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.
A number of hedge funds have recently modified their holdings of LHO. APG Asset Management N.V. acquired a new stake in LaSalle Hotel Properties in the third quarter valued at approximately $2,992,000. Fox Run Management L.L.C. acquired a new stake in LaSalle Hotel Properties in the third quarter valued at approximately $212,000. Nationwide Fund Advisors grew its stake in LaSalle Hotel Properties by 11.6% in the third quarter. Nationwide Fund Advisors now owns 435,131 shares of the real estate investment trust’s stock valued at $12,628,000 after acquiring an additional 45,262 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in LaSalle Hotel Properties in the third quarter valued at approximately $356,000. Finally, RMR Advisors LLC grew its stake in LaSalle Hotel Properties by 200.0% in the third quarter. RMR Advisors LLC now owns 30,000 shares of the real estate investment trust’s stock valued at $871,000 after acquiring an additional 20,000 shares during the period.
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About LaSalle Hotel Properties
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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