Timbercreek Asset Management Ltd. Purchases 104,248 Shares of LaSalle Hotel Properties (LHO)
Timbercreek Asset Management Ltd. lifted its position in LaSalle Hotel Properties (NYSE:LHO) by 102.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 206,424 shares of the real estate investment trust’s stock after purchasing an additional 104,248 shares during the quarter. LaSalle Hotel Properties accounts for 1.9% of Timbercreek Asset Management Ltd.’s portfolio, making the stock its 23rd largest position. Timbercreek Asset Management Ltd. owned about 0.18% of LaSalle Hotel Properties worth $6,151,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of LHO. BlackRock Inc. raised its stake in shares of LaSalle Hotel Properties by 6,612.1% in the first quarter. BlackRock Inc. now owns 14,418,107 shares of the real estate investment trust’s stock valued at $417,404,000 after purchasing an additional 14,203,299 shares in the last quarter. Vanguard Group Inc. raised its stake in LaSalle Hotel Properties by 7.8% during the first quarter. Vanguard Group Inc. now owns 19,251,397 shares of the real estate investment trust’s stock worth $557,328,000 after acquiring an additional 1,393,862 shares in the last quarter. Principal Financial Group Inc. raised its stake in LaSalle Hotel Properties by 116.0% during the second quarter. Principal Financial Group Inc. now owns 2,453,209 shares of the real estate investment trust’s stock worth $73,105,000 after acquiring an additional 1,317,472 shares in the last quarter. Morgan Stanley raised its stake in LaSalle Hotel Properties by 14.9% during the first quarter. Morgan Stanley now owns 6,976,863 shares of the real estate investment trust’s stock worth $201,980,000 after acquiring an additional 902,406 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new position in LaSalle Hotel Properties during the second quarter worth $22,454,000.
LHO has been the subject of several recent analyst reports. Zacks Investment Research upgraded LaSalle Hotel Properties from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. BidaskClub upgraded LaSalle Hotel Properties from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Robert W. Baird reiterated a “neutral” rating and set a $31.00 price objective (up from $30.00) on shares of LaSalle Hotel Properties in a research note on Friday, June 16th. Boenning Scattergood set a $35.00 price objective on LaSalle Hotel Properties and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Finally, Deutsche Bank AG dropped their price objective on LaSalle Hotel Properties from $28.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, July 21st. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.88.
Shares of LaSalle Hotel Properties (NYSE:LHO) traded down 0.69% during mid-day trading on Thursday, hitting $28.65. The stock had a trading volume of 344,788 shares. LaSalle Hotel Properties has a 1-year low of $23.05 and a 1-year high of $31.87. The company has a market capitalization of $3.24 billion, a P/E ratio of 10.65 and a beta of 1.17. The stock’s 50-day moving average price is $28.35 and its 200 day moving average price is $29.10.
LaSalle Hotel Properties (NYSE:LHO) last posted its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.01). LaSalle Hotel Properties had a return on equity of 13.05% and a net margin of 27.85%. The business had revenue of $307.04 million for the quarter, compared to analyst estimates of $318.94 million. During the same period last year, the firm posted $0.95 EPS. LaSalle Hotel Properties’s quarterly revenue was down 12.5% on a year-over-year basis. On average, analysts predict that LaSalle Hotel Properties will post $1.68 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.24%. LaSalle Hotel Properties’s payout ratio is presently 66.91%.
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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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