Comerica Bank Sells 2,425 Shares of Hersha Hospitality Trust (HT)
Comerica Bank reduced its stake in shares of Hersha Hospitality Trust (NYSE:HT) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,663 shares of the real estate investment trust’s stock after selling 2,425 shares during the quarter. Comerica Bank owned 0.10% of Hersha Hospitality Trust worth $796,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. ProShare Advisors LLC bought a new stake in shares of Hersha Hospitality Trust in the first quarter worth about $108,000. State of Alaska Department of Revenue grew its stake in shares of Hersha Hospitality Trust by 76.8% in the second quarter. State of Alaska Department of Revenue now owns 8,186 shares of the real estate investment trust’s stock worth $151,000 after purchasing an additional 3,556 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in shares of Hersha Hospitality Trust in the first quarter worth about $179,000. Mason Street Advisors LLC bought a new stake in shares of Hersha Hospitality Trust in the first quarter worth about $184,000. Finally, KCG Holdings Inc. bought a new stake in shares of Hersha Hospitality Trust in the first quarter worth about $200,000. 98.38% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Neil H. Shah bought 1,667 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were acquired at an average cost of $17.86 per share, for a total transaction of $29,772.62. Following the purchase, the chief operating officer now directly owns 297,418 shares of the company’s stock, valued at $5,311,885.48. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Neil H. Shah bought 1,400 shares of the company’s stock in a transaction on Tuesday, July 11th. The stock was bought at an average price of $18.00 per share, for a total transaction of $25,200.00. Following the completion of the purchase, the chief operating officer now directly owns 296,308 shares in the company, valued at $5,333,544. The disclosure for this purchase can be found here. Insiders acquired a total of 10,079 shares of company stock worth $180,706 over the last 90 days. Insiders own 8.10% of the company’s stock.
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Shares of Hersha Hospitality Trust (HT) opened at 18.36 on Friday. Hersha Hospitality Trust has a 52-week low of $16.80 and a 52-week high of $22.14. The firm’s 50-day moving average price is $18.28 and its 200 day moving average price is $18.61. The company has a market capitalization of $768.07 million, a PE ratio of 8.05 and a beta of 1.38.
Hersha Hospitality Trust (NYSE:HT) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $0.77 EPS for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.02). The company had revenue of $138.00 million during the quarter, compared to the consensus estimate of $134.55 million. Hersha Hospitality Trust had a return on equity of 14.78% and a net margin of 22.77%. Hersha Hospitality Trust’s revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 earnings per share. On average, equities analysts forecast that Hersha Hospitality Trust will post $2.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a $0.28 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.12 dividend on an annualized basis and a yield of 6.08%. Hersha Hospitality Trust’s dividend payout ratio is currently 48.70%.
Several research firms recently issued reports on HT. BidaskClub cut Hersha Hospitality Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research raised Hersha Hospitality Trust from a “sell” rating to a “hold” rating in a research note on Friday, July 21st. Stifel Nicolaus reissued a “hold” rating and issued a $20.00 target price on shares of Hersha Hospitality Trust in a research note on Wednesday, July 19th. FBR & Co cut their target price on Hersha Hospitality Trust from $23.00 to $21.00 and set an “outperform” rating on the stock in a research note on Thursday, July 27th. Finally, Robert W. Baird reissued a “buy” rating and issued a $20.00 target price on shares of Hersha Hospitality Trust in a research note on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $19.75.
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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