Service Properties Trust $SVC Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP lowered its position in Service Properties Trust (NASDAQ:SVC) by 86.4% in the second quarter, Holdings Channel reports. The fund owned 389,024 shares of the real estate investment trust’s stock after selling 2,462,813 shares during the period. Readystate Asset Management LP’s holdings in Service Properties Trust were worth $657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in shares of Service Properties Trust in the 2nd quarter valued at $543,000. Public Employees Retirement System of Ohio acquired a new position in shares of Service Properties Trust during the second quarter worth $1,153,000. Farringdon Capital Ltd. acquired a new position in shares of Service Properties Trust during the second quarter worth $37,000. Bank of New York Mellon Corp purchased a new position in Service Properties Trust in the second quarter valued at $3,691,000. Finally, Bank of America Corp DE increased its holdings in Service Properties Trust by 1.8% in the first quarter. Bank of America Corp DE now owns 2,338,854 shares of the real estate investment trust’s stock valued at $3,169,000 after buying an additional 42,317 shares during the last quarter. Institutional investors and hedge funds own 77.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SVC. LADENBURG THALM/SH SH started coverage on Service Properties Trust in a report on Tuesday, June 30th. They set a “buy” rating and a $11.25 price target for the company. Zacks Research upgraded Service Properties Trust from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. B. Riley Financial raised their target price on Service Properties Trust from $10.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings upgraded Service Properties Trust from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.81.

Service Properties Trust Price Performance

Shares of NASDAQ:SVC opened at $7.61 on Tuesday. Service Properties Trust has a 12 month low of $5.65 and a 12 month high of $15.05. The firm has a market capitalization of $985.57 million, a P/E ratio of -0.99 and a beta of 1.66. The company has a debt-to-equity ratio of 2.11, a current ratio of 0.01 and a quick ratio of 0.01. The company’s fifty day moving average price is $8.24 and its 200 day moving average price is $8.50.

Service Properties Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, July 20th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from Service Properties Trust’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, July 20th. Service Properties Trust’s payout ratio is presently -2.60%.

Service Properties Trust Profile

Service Properties Trust (NASDAQ: SVC) is a real estate investment trust (REIT) specializing in the acquisition, ownership and leasing of service-oriented properties, with a primary focus on the lodging sector. The company structures long-term, triple-net leases with established hotel operators under franchise agreements with leading global brands. By partnering with recognized hotel companies, Service Properties Trust seeks to generate a stable income stream through rent payments, while offering operators the capital and balance-sheet flexibility to grow their portfolios.

Since its formation in 2010, Service Properties Trust has grown its portfolio through strategic sale-leaseback transactions, targeted property acquisitions and selective dispositions.