Spirit of America Management Corp NY Decreases Position in Hersha Hospitality Trust (HT)

Spirit of America Management Corp NY trimmed its holdings in shares of Hersha Hospitality Trust (NYSE:HT) by 12.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 98,450 shares of the real estate investment trust’s stock after selling 14,300 shares during the period. Spirit of America Management Corp NY owned 0.24% of Hersha Hospitality Trust worth $1,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the stock. Brookfield Asset Management Inc. boosted its position in Hersha Hospitality Trust by 11.9% in the 2nd quarter. Brookfield Asset Management Inc. now owns 3,371,560 shares of the real estate investment trust’s stock valued at $62,408,000 after buying an additional 357,835 shares during the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in Hersha Hospitality Trust in the 2nd quarter valued at about $3,720,000. State Street Corp boosted its position in Hersha Hospitality Trust by 9.8% in the 2nd quarter. State Street Corp now owns 1,820,283 shares of the real estate investment trust’s stock valued at $33,697,000 after buying an additional 162,545 shares during the last quarter. Bank of Montreal Can boosted its position in Hersha Hospitality Trust by 241.9% in the 4th quarter. Bank of Montreal Can now owns 217,607 shares of the real estate investment trust’s stock valued at $3,786,000 after buying an additional 153,963 shares during the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in Hersha Hospitality Trust in the 3rd quarter valued at about $2,793,000. 98.59% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have weighed in on HT. Wells Fargo & Co decreased their price objective on shares of Hersha Hospitality Trust from $18.00 to $17.00 and set a “market perform” rating for the company in a research report on Friday, October 27th. Zacks Investment Research cut shares of Hersha Hospitality Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. Robert W. Baird reaffirmed a “buy” rating and set a $20.00 price target on shares of Hersha Hospitality Trust in a research report on Thursday, October 12th. FBR & Co reaffirmed a “buy” rating and set a $20.00 price target on shares of Hersha Hospitality Trust in a research report on Friday, October 27th. Finally, ValuEngine raised shares of Hersha Hospitality Trust from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.40.

In related news, Chairman Hasu P. Shah sold 14,500 shares of the stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $17.48, for a total transaction of $253,460.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Neil H. Shah acquired 2,823 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The shares were acquired at an average price of $17.71 per share, for a total transaction of $49,995.33. Following the purchase, the chief operating officer now owns 305,033 shares of the company’s stock, valued at $5,402,134.43. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 19,815 shares of company stock worth $346,990. 8.10% of the stock is owned by company insiders.

Shares of Hersha Hospitality Trust (HT) traded up $0.08 during mid-day trading on Wednesday, hitting $17.99. 416,000 shares of the stock traded hands, compared to its average volume of 709,770. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.10. Hersha Hospitality Trust has a twelve month low of $17.15 and a twelve month high of $21.67. The company has a market capitalization of $760.21, a PE ratio of 8.37, a price-to-earnings-growth ratio of 2.07 and a beta of 1.34.

Hersha Hospitality Trust (NYSE:HT) last issued its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.64 by ($0.71). Hersha Hospitality Trust had a return on equity of 13.52% and a net margin of 21.06%. equities research analysts expect that Hersha Hospitality Trust will post 1.94 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, January 5th were paid a dividend of $0.28 per share. The ex-dividend date was Thursday, January 4th. This represents a $1.12 annualized dividend and a yield of 6.23%. Hersha Hospitality Trust’s dividend payout ratio (DPR) is 52.09%.

Hersha Hospitality Trust announced that its board has authorized a stock repurchase program on Wednesday, January 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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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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Institutional Ownership by Quarter for Hersha Hospitality Trust (NYSE:HT)

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