Hersha Hospitality Trust Announces Dividend of $0.28 (NYSE:HT)
Hersha Hospitality Trust (NYSE:HT) announced a dividend on Thursday, September 19th, Fidelity reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.28 per share by the real estate investment trust on Tuesday, October 15th. The ex-dividend date of this dividend is Friday, September 27th.
Hersha Hospitality Trust has increased its dividend payment by an average of 7.2% annually over the last three years. Hersha Hospitality Trust has a dividend payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hersha Hospitality Trust to earn $2.00 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 56.0%.
NYSE HT traded up $0.09 on Friday, hitting $15.08. 315,909 shares of the stock traded hands, compared to its average volume of 401,378. The stock has a 50-day moving average of $14.53 and a 200 day moving average of $16.74. Hersha Hospitality Trust has a twelve month low of $13.38 and a twelve month high of $23.29. The company has a market capitalization of $591.02 million, a P/E ratio of 6.85, a price-to-earnings-growth ratio of 1.53 and a beta of 1.33. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.17.
Several brokerages have issued reports on HT. DA Davidson cut Hersha Hospitality Trust from a “buy” rating to a “neutral” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded Hersha Hospitality Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. ValuEngine cut Hersha Hospitality Trust from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Stifel Nicolaus set a $18.00 price objective on Hersha Hospitality Trust and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Deutsche Bank set a $16.00 price objective on Hersha Hospitality Trust and gave the company a “hold” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $18.29.
In related news, insider Neil H. Shah bought 6,060 shares of the stock in a transaction dated Tuesday, June 25th. The stock was bought at an average cost of $16.48 per share, with a total value of $99,868.80. Following the completion of the acquisition, the insider now owns 328,252 shares of the company’s stock, valued at $5,409,592.96. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay H. Shah bought 5,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $14.75 per share, with a total value of $75,225.00. Following the completion of the acquisition, the chief executive officer now directly owns 294,520 shares of the company’s stock, valued at approximately $4,344,170. The disclosure for this purchase can be found here. Insiders have bought 40,034 shares of company stock valued at $574,415 over the last ninety days. Corporate insiders own 11.80% of the company’s stock.
About Hersha Hospitality Trust
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale, luxury and lifestyle hotels in urban gateway markets and coastal destinations. The Company's 48 hotels totaling 7,644 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast.
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