Canaccord Genuity upgraded shares of RLJ Lodging Trust (NYSE:RLJ) from a hold rating to a buy rating in a report released on Friday morning, 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.

A number of other brokerages have also weighed in on RLJ. Boenning Scattergood reiterated a sell rating and issued a $19.50 price target on shares of RLJ Lodging Trust in a report on Wednesday, June 14th. Janney Montgomery Scott reiterated a buy rating and issued a $28.00 price target (up previously from $26.00) on shares of RLJ Lodging Trust in a report on Monday, June 5th. ValuEngine lowered shares of RLJ Lodging Trust from a strong-buy rating to a buy rating in a report on Friday, June 2nd. Royal Bank Of Canada restated a buy rating and set a $25.00 target price on shares of RLJ Lodging Trust in a report on Friday, August 4th. Finally, BidaskClub lowered shares of RLJ Lodging Trust from a hold rating to a sell rating in a report on Wednesday, July 5th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. RLJ Lodging Trust currently has a consensus rating of Hold and a consensus price target of $24.44.

Shares of RLJ Lodging Trust (RLJ) opened at 21.25 on Friday. RLJ Lodging Trust has a 52-week low of $18.92 and a 52-week high of $25.10. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 14.66 and a beta of 1.17. The stock’s 50 day moving average price is $20.31 and its 200-day moving average price is $21.26.

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

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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 30th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.88 annualized dividend and a dividend yield of 4.14%. RLJ Lodging Trust’s payout ratio is 60.69%.

In related news, Director Nathaniel A. Davis sold 10,000 shares of RLJ Lodging Trust stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $20.11, for a total transaction of $201,100.00. Following the sale, the director now owns 72,928 shares of the company’s stock, valued at approximately $1,466,582.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Forgia Robert M. La purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were purchased at an average cost of $19.73 per share, for a total transaction of $98,650.00. Following the purchase, the director now directly owns 37,528 shares in the company, valued at $740,427.44. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System increased its stake in RLJ Lodging Trust by 0.9% during the 1st quarter. New York State Teachers Retirement System now owns 10,800 shares of the real estate investment trust’s stock worth $254,000 after buying an additional 100 shares during the period. Denver Investment Advisors LLC increased its stake in RLJ Lodging Trust by 0.9% during the 2nd quarter. Denver Investment Advisors LLC now owns 11,000 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 100 shares during the period. Amalgamated Bank increased its stake in RLJ Lodging Trust by 1.6% during the 2nd quarter. Amalgamated Bank now owns 15,581 shares of the real estate investment trust’s stock worth $310,000 after buying an additional 248 shares during the period. Utah Retirement Systems increased its stake in RLJ Lodging Trust by 2.6% during the 2nd quarter. Utah Retirement Systems now owns 11,707 shares of the real estate investment trust’s stock worth $233,000 after buying an additional 300 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in RLJ Lodging Trust by 2.3% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 19,913 shares of the real estate investment trust’s stock worth $468,000 after buying an additional 440 shares during the period.

About RLJ Lodging Trust

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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