RLJ Lodging Trust (RLJ) Lifted to “Buy” at Canaccord Genuity

Canaccord Genuity upgraded shares of RLJ Lodging Trust (NYSE:RLJ) from a hold rating to a buy rating in a research report released on Friday, Marketbeat Ratings reports. The brokerage currently has $23.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $21.00.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company upgraded shares of RLJ Lodging Trust from a market perform rating to an outperform rating and set a $23.00 target price for the company in a research report on Tuesday, September 5th. ValuEngine lowered shares of RLJ Lodging Trust from a buy rating to a hold rating in a research report on Friday, September 1st. BidaskClub lowered shares of RLJ Lodging Trust from a sell rating to a strong sell rating in a research report on Friday, August 18th. Zacks Investment Research upgraded shares of RLJ Lodging Trust from a sell rating to a hold rating in a research report on Thursday, August 17th. Finally, Bank of America Corporation began coverage on shares of RLJ Lodging Trust in a research report on Monday, August 14th. They set a neutral rating and a $22.00 target price for the company. Three research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $24.44.

RLJ Lodging Trust (RLJ) opened at 21.09 on Friday. The company has a market cap of $2.61 billion, a P/E ratio of 14.54 and a beta of 1.17. The company has a 50-day moving average of $20.33 and a 200 day moving average of $21.31. RLJ Lodging Trust has a 52 week low of $18.92 and a 52 week high of $25.10.

RLJ Lodging Trust (NYSE:RLJ) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.71 EPS for the quarter, beating the consensus estimate of $0.68 by $0.03. RLJ Lodging Trust had a net margin of 16.12% and a return on equity of 8.16%. The company had revenue of $292.28 million during the quarter, compared to analysts’ expectations of $293.16 million. During the same quarter in the previous year, the company earned $0.82 earnings per share. RLJ Lodging Trust’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, equities analysts forecast that RLJ Lodging Trust will post $0.98 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 30th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.17%. RLJ Lodging Trust’s payout ratio is 60.69%.

In other news, Director Nathaniel A. Davis sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $20.11, for a total value of $201,100.00. Following the completion of the sale, the director now directly owns 72,928 shares in the company, valued at approximately $1,466,582.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Forgia Robert M. La acquired 5,000 shares of the stock in a transaction dated Wednesday, August 16th. The stock was acquired at an average price of $19.73 per share, with a total value of $98,650.00. Following the completion of the acquisition, the director now owns 37,528 shares in the company, valued at approximately $740,427.44. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of RLJ Lodging Trust by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 20,084,086 shares of the real estate investment trust’s stock worth $399,071,000 after acquiring an additional 300,010 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of RLJ Lodging Trust by 7.5% in the 2nd quarter. BlackRock Inc. now owns 12,256,164 shares of the real estate investment trust’s stock worth $243,529,000 after acquiring an additional 856,636 shares during the last quarter. Lasalle Investment Management Securities LLC lifted its holdings in shares of RLJ Lodging Trust by 6.6% in the 2nd quarter. Lasalle Investment Management Securities LLC now owns 7,289,174 shares of the real estate investment trust’s stock worth $144,836,000 after acquiring an additional 451,443 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of RLJ Lodging Trust by 6.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,743,188 shares of the real estate investment trust’s stock worth $114,117,000 after acquiring an additional 331,184 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of RLJ Lodging Trust by 2.4% in the 2nd quarter. State Street Corp now owns 4,831,260 shares of the real estate investment trust’s stock worth $96,267,000 after acquiring an additional 111,681 shares during the last quarter.

RLJ Lodging Trust Company Profile

RLJ Lodging Trust is a self-administered real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. As of December 31, 2016, the Company owned 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel.

Analyst Recommendations for RLJ Lodging Trust (NYSE:RLJ)

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