Arizona State Retirement System lifted its stake in shares of Hersha Hospitality Trust (NYSE:HT) by 221.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,738 shares of the real estate investment trust’s stock after acquiring an additional 45,303 shares during the quarter. Arizona State Retirement System owned 0.16% of Hersha Hospitality Trust worth $1,144,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California Public Employees Retirement System lifted its holdings in shares of Hersha Hospitality Trust by 2.5% in the fourth quarter. California Public Employees Retirement System now owns 130,220 shares of the real estate investment trust’s stock valued at $2,266,000 after purchasing an additional 3,152 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in shares of Hersha Hospitality Trust by 34.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 19,210 shares of the real estate investment trust’s stock valued at $358,000 after purchasing an additional 4,940 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Hersha Hospitality Trust by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 317,732 shares of the real estate investment trust’s stock valued at $5,939,000 after purchasing an additional 5,107 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Hersha Hospitality Trust by 1.2% in the third quarter. Ameriprise Financial Inc. now owns 499,057 shares of the real estate investment trust’s stock valued at $9,317,000 after purchasing an additional 6,085 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Hersha Hospitality Trust in the third quarter valued at $135,000. 97.92% of the stock is owned by institutional investors and hedge funds.
Shares of Hersha Hospitality Trust (NYSE:HT) opened at $17.90 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 1.17. Hersha Hospitality Trust has a 1-year low of $16.60 and a 1-year high of $19.87. The stock has a market capitalization of $709.66, a price-to-earnings ratio of 10.17, a P/E/G ratio of 1.33 and a beta of 1.39.
Hersha Hospitality Trust (NYSE:HT) last announced its quarterly earnings data on Wednesday, February 21st. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.09. Hersha Hospitality Trust had a return on equity of 9.47% and a net margin of 17.46%. The business had revenue of $122.62 million during the quarter, compared to analyst estimates of $115.68 million. During the same period last year, the company earned $0.52 earnings per share. Hersha Hospitality Trust’s quarterly revenue was up 10.0% compared to the same quarter last year. analysts predict that Hersha Hospitality Trust will post 1.78 EPS for the current year.
Hersha Hospitality Trust announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Thursday, March 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.12 annualized dividend and a dividend yield of 6.26%. Hersha Hospitality Trust’s dividend payout ratio is 63.64%.
In related news, Chairman Hasu P. Shah sold 14,500 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $17.48, for a total transaction of $253,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ashish R. Parikh acquired 1,485 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The shares were purchased at an average price of $16.84 per share, with a total value of $25,007.40. Following the completion of the acquisition, the chief financial officer now owns 109,465 shares of the company’s stock, valued at approximately $1,843,390.60. The disclosure for this purchase can be found here. 8.10% of the stock is currently owned by company insiders.
A number of research firms have recently issued reports on HT. B. Riley set a $20.00 target price on Hersha Hospitality Trust and gave the company a “buy” rating in a report on Wednesday, February 21st. Zacks Investment Research lowered Hersha Hospitality Trust from a “hold” rating to a “sell” rating in a report on Friday, March 2nd. Robert W. Baird set a $18.00 target price on Hersha Hospitality Trust and gave the company a “buy” rating in a report on Tuesday, February 27th. Stifel Nicolaus restated a “hold” rating and issued a $18.00 target price (down previously from $18.50) on shares of Hersha Hospitality Trust in a report on Thursday, February 22nd. Finally, ValuEngine lowered Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $18.89.
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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 December 31, 2017, the Company’s hotels included 50 hotels totaling 7,725 rooms located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast.
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