Truist Financial Corp increased its stake in shares of Extended Stay America, Inc. (NYSE:STAY) by 75.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,400 shares of the company’s stock after buying an additional 115,146 shares during the quarter. Truist Financial Corp owned about 0.15% of Extended Stay America worth $3,960,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Starwood Capital Group Management L.L.C. purchased a new stake in Extended Stay America in the fourth quarter valued at $247,242,000. Hawk Ridge Capital Management LP boosted its holdings in Extended Stay America by 8.5% in the fourth quarter. Hawk Ridge Capital Management LP now owns 3,607,120 shares of the company’s stock valued at $53,421,000 after purchasing an additional 281,193 shares during the last quarter. Long Pond Capital LP boosted its holdings in Extended Stay America by 126.4% in the fourth quarter. Long Pond Capital LP now owns 3,591,045 shares of the company’s stock valued at $53,183,000 after purchasing an additional 2,004,639 shares during the last quarter. Reinhart Partners Inc. boosted its holdings in Extended Stay America by 6.1% in the fourth quarter. Reinhart Partners Inc. now owns 2,551,464 shares of the company’s stock valued at $37,787,000 after purchasing an additional 146,711 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Extended Stay America by 1.4% in the fourth quarter. Brown Advisory Inc. now owns 2,302,117 shares of the company’s stock valued at $34,094,000 after purchasing an additional 31,371 shares during the last quarter. 96.67% of the stock is currently owned by hedge funds and other institutional investors.
Extended Stay America stock opened at $19.84 on Friday. The company has a fifty day simple moving average of $18.01 and a 200-day simple moving average of $14.67. Extended Stay America, Inc. has a 12-month low of $7.91 and a 12-month high of $20.08.
The business also recently declared a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 12th were paid a dividend of $0.09 per share. This is a positive change from Extended Stay America’s previous quarterly dividend of $0.01. This represents a $0.36 annualized dividend and a yield of 1.81%. The ex-dividend date was Thursday, March 11th.
Several equities research analysts have commented on STAY shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $19.50 price target on shares of Extended Stay America in a report on Monday, March 22nd. Robert W. Baird raised shares of Extended Stay America from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $15.00 to $19.00 in a research note on Monday, March 15th. Morgan Stanley increased their target price on shares of Extended Stay America from $13.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 20th. Smith Barney Citigroup increased their price objective on shares of Extended Stay America from $11.50 to $15.50 in a report on Tuesday, December 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Extended Stay America from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, January 12th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $16.85.
About Extended Stay America
Extended Stay America, Inc, together with its subsidiaries, owns, operates, develops, and manages hotels in the United States. As of December 31, 2020, the company had a network of 646 hotels. It serves customers in the mid-priced extended stay segment. The company also licenses Extended Stay America brand to third-party franchisees.
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