LaSalle Hotel Properties (LHO) Hits New 52-Week Low Following Analyst Downgrade
Shares of LaSalle Hotel Properties (NYSE:LHO) hit a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $27.00 to $24.00. Barclays currently has an underweight rating on the stock. LaSalle Hotel Properties traded as low as $25.54 and last traded at $25.50, with a volume of 9764772 shares trading hands. The stock had previously closed at $28.25.
Several other analysts also recently commented on the company. Morgan Stanley cut their target price on LaSalle Hotel Properties from $27.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Thursday. Robert W. Baird set a $27.00 target price on LaSalle Hotel Properties and gave the company a “hold” rating in a research note on Thursday. Deutsche Bank cut their target price on LaSalle Hotel Properties from $28.00 to $24.00 and set a “hold” rating on the stock in a research note on Thursday. Boenning Scattergood reiterated a “sell” rating on shares of LaSalle Hotel Properties in a research note on Thursday. Finally, ValuEngine downgraded LaSalle Hotel Properties from a “buy” rating to a “hold” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $26.79.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of LaSalle Hotel Properties by 54.7% during the 4th quarter. Bank of New York Mellon Corp now owns 6,417,138 shares of the real estate investment trust’s stock valued at $180,130,000 after buying an additional 2,269,602 shares during the period. Long Pond Capital LP bought a new position in LaSalle Hotel Properties in the 4th quarter worth $162,260,000. Principal Financial Group Inc. raised its holdings in LaSalle Hotel Properties by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,483,070 shares of the real estate investment trust’s stock worth $72,059,000 after purchasing an additional 29,861 shares during the period. Wells Fargo & Company MN raised its holdings in LaSalle Hotel Properties by 4.2% in the 4th quarter. Wells Fargo & Company MN now owns 1,933,890 shares of the real estate investment trust’s stock worth $54,284,000 after purchasing an additional 78,768 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in LaSalle Hotel Properties by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,711,804 shares of the real estate investment trust’s stock worth $49,676,000 after purchasing an additional 61,926 shares during the period.
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LaSalle Hotel Properties Company Profile
LaSalle Hotel Properties is a self-administered and self-managed real estate investment trust. The Company primarily buys, owns, redevelops and leases upscale and luxury full-service hotels located in convention, resort and urban business markets. As of December 31, 2016, the Company owned interests in 46 hotels with approximately 11,450 guest rooms located in nine states of the United States and the District of Columbia (DC).
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