CI Global Investments Inc. lowered its stake in Extended Stay America, Inc. (NYSE:STAY) by 19.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,172,610 shares of the company’s stock after selling 1,252,909 shares during the quarter. Extended Stay America comprises about 2.1% of CI Global Investments Inc.’s portfolio, making the stock its 19th biggest holding. CI Global Investments Inc. owned about 2.69% of Extended Stay America worth $103,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Public Employees Retirement Association of Colorado lifted its position in shares of Extended Stay America by 122.8% during the second quarter. Public Employees Retirement Association of Colorado now owns 5,202 shares of the company’s stock worth $101,000 after purchasing an additional 2,867 shares in the last quarter. Cable Hill Partners LLC acquired a new stake in shares of Extended Stay America during the third quarter worth about $104,000. The Manufacturers Life Insurance Company lifted its position in shares of Extended Stay America by 6.3% during the second quarter. The Manufacturers Life Insurance Company now owns 6,181 shares of the company’s stock worth $120,000 after purchasing an additional 367 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Extended Stay America during the second quarter worth about $148,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Extended Stay America by 210.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,038 shares of the company’s stock worth $214,000 after purchasing an additional 7,486 shares in the last quarter. 99.60% of the stock is currently owned by institutional investors.
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Several analysts have recently issued reports on STAY shares. Zacks Investment Research cut shares of Extended Stay America from a “buy” rating to a “hold” rating in a research report on Saturday, July 22nd. BidaskClub cut shares of Extended Stay America from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Robert W. Baird reissued a “buy” rating and set a $21.00 price target on shares of Extended Stay America in a research report on Friday, September 8th. ValuEngine cut shares of Extended Stay America from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, Stifel Nicolaus cut their target price on shares of Extended Stay America from $21.00 to $19.25 and set a “buy” rating on the stock in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $20.81.
Extended Stay America (NYSE:STAY) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). The company had revenue of $350.86 million during the quarter, compared to analysts’ expectations of $359.70 million. Extended Stay America had a net margin of 5.83% and a return on equity of 14.53%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. sell-side analysts predict that Extended Stay America, Inc. will post 0.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be paid a $0.21 dividend. The ex-dividend date is Monday, November 20th. This represents a $0.84 annualized dividend and a yield of 4.98%. Extended Stay America’s dividend payout ratio is currently 215.38%.
About Extended Stay America
Extended Stay America, Inc is a owner/operator of company-branded hotels in North America. The Company operates in the extended stay lodging industry. The Company owns and operates approximately 700 hotel properties consisting of approximately 75,900 rooms located in 44 states across the United States of America and in Canada.
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