Hersha Hospitality Trust (HT) to Issue Quarterly Dividend of $0.28
Hersha Hospitality Trust (NYSE:HT) declared a quarterly dividend on Tuesday, March 13th, Wall Street Journal reports. Shareholders of record on Thursday, March 29th will be given a dividend of 0.28 per share by the real estate investment trust on Friday, April 13th. This represents a $1.12 annualized dividend and a yield of 6.35%. The ex-dividend date is Wednesday, March 28th.
Hersha Hospitality Trust has increased its dividend by an average of 3.8% per year over the last three years. Hersha Hospitality Trust has a payout ratio of 57.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hersha Hospitality Trust to earn $2.06 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 54.4%.
Hersha Hospitality Trust (NYSE HT) opened at $17.63 on Wednesday. The stock has a market capitalization of $701.30, a price-to-earnings ratio of 8.15, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.31 and a quick ratio of 0.31. Hersha Hospitality Trust has a 52-week low of $16.60 and a 52-week high of $19.87.
In other news, CFO Ashish R. Parikh bought 1,485 shares of the stock in a transaction on Friday, March 2nd. The shares were bought 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 $1,843,390.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jay H. Shah bought 2,975 shares of the stock in a transaction on Friday, March 2nd. The stock was purchased at an average cost of $16.75 per share, for a total transaction of $49,831.25. Following the acquisition, the chief executive officer now directly owns 320,752 shares of the company’s stock, valued at approximately $5,372,596. The disclosure for this purchase can be found here. 8.10% of the stock is currently owned by corporate insiders.
Hersha Hospitality Trust declared that its board has initiated a stock buyback program on Wednesday, January 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
HT has been the subject of several research analyst reports. Zacks Investment Research cut Hersha Hospitality Trust from a “hold” rating to a “strong sell” rating in a research report on Monday, November 20th. 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. ValuEngine raised Hersha Hospitality Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Barclays lowered Hersha Hospitality Trust from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $19.00 to $17.00 in a report on Wednesday, December 13th. Finally, Stifel Nicolaus reissued 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $18.89.
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Hersha Hospitality Trust Company Profile
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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