Chatham Lodging Trust (NYSE:CLDT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Chatham Lodging Trust is a self-advised hotel REIT, formed to invest in premium-branded upscale extended-stay and select-service hotels. The Company intends to invest primarily in hotels in large metropolitan markets in the United States. Chatham Lodging Trust expects that a significant portion of its portfolio will consist of hotels in the upscale extended-stay market, including brands such as Residence Inn by Marriott, Homewood Suites by Hilton and Summerfield Suites by Hyatt. It also intends to invest in premium-branded select-service hotels such as Courtyard by Marriott, Hampton Inn and Hampton Inn and Suites. “
Several other research analysts have also commented on CLDT. FBR & Co lowered Chatham Lodging Trust from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $26.00 to $23.00 in a report on Thursday, August 4th. Cantor Fitzgerald lowered Chatham Lodging Trust from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays PLC lowered Chatham Lodging Trust from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $24.00 to $22.00 in a research note on Thursday, August 4th. Finally, SunTrust Banks Inc. cut their target price on Chatham Lodging Trust from $20.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $22.42.
Shares of Chatham Lodging Trust (NYSE:CLDT) traded down 0.56% during mid-day trading on Wednesday, hitting $17.90. 254,365 shares of the stock traded hands. The firm’s 50-day moving average is $19.77 and its 200-day moving average is $21.28. The stock has a market cap of $684.51 million, a price-to-earnings ratio of 20.13 and a beta of 1.03. Chatham Lodging Trust has a 52 week low of $16.12 and a 52 week high of $24.80.
Chatham Lodging Trust (NYSE:CLDT) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Chatham Lodging Trust had a return on equity of 4.93% and a net margin of 11.72%. The business had revenue of $78 million for the quarter, compared to analysts’ expectations of $78.81 million. During the same period in the previous year, the firm posted $0.71 EPS. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, analysts forecast that Chatham Lodging Trust will post $2.30 earnings per share for the current year.
The business also recently disclosed a monthly dividend, which will be paid on Friday, November 25th. Shareholders of record on Monday, October 31st will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, October 27th. This represents a $1.32 annualized dividend and a yield of 7.37%. Chatham Lodging Trust’s payout ratio is currently 150.00%.
A number of hedge funds have recently made changes to their positions in the stock. DUPONT CAPITAL MANAGEMENT Corp increased its position in shares of Chatham Lodging Trust by 156.7% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 41,662 shares of the company’s stock worth $916,000 after buying an additional 25,431 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. increased its position in shares of Chatham Lodging Trust by 6.5% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 7,538 shares of the company’s stock worth $166,000 after buying an additional 460 shares in the last quarter. Ngam Advisors L.P. increased its position in shares of Chatham Lodging Trust by 7.1% in the second quarter. Ngam Advisors L.P. now owns 106,058 shares of the company’s stock worth $2,331,000 after buying an additional 7,056 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Chatham Lodging Trust by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 298,725 shares of the company’s stock worth $6,566,000 after buying an additional 6,050 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new position in shares of Chatham Lodging Trust during the second quarter worth approximately $440,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.
About Chatham Lodging Trust
Chatham Lodging Trust is a real estate investment trust (REIT) organized to invest primarily in premium-branded upscale extended-stay and select-service hotels. The Company’s assets are held by, and all of its operations are conducted through Chatham Lodging, L.P (Operating Partnership). The Operating Partnership and its subsidiaries lease the Company’s hotels.
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