LaSalle Hotel Properties (NYSE:LHO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage currently has a $34.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.07% from the stock’s previous close.
According to Zacks, “Lasalle Hotel Properties, which intends to operate as a real estate investment trust for federal income tax purposes, has been formed to own hotel properties and to continue and expand the hotel investment activities of LaSalle Partners Incorporated and certain of its affiliates collectively, LaSalle. LaSalle is an institutionally respected real estate services and investment firm which has extensive experience in the acquisition, investment management, finance, development and disposition of hotel properties. “
Several other equities analysts also recently commented on LHO. Stifel Nicolaus reaffirmed a “hold” rating on shares of LaSalle Hotel Properties in a research note on Tuesday, October 17th. Raymond James Financial reaffirmed a “market perform” rating on shares of LaSalle Hotel Properties in a research note on Monday, October 30th. Robert W. Baird set a $31.00 price objective on shares of LaSalle Hotel Properties and gave the company a “hold” rating in a research note on Sunday, October 1st. Bank of America downgraded shares of LaSalle Hotel Properties from a “neutral” rating to an “underperform” rating in a research note on Monday, January 8th. Finally, Wells Fargo & Co lowered their price objective on shares of LaSalle Hotel Properties from $30.00 to $29.00 and set a “market perform” rating for the company in a research note on Tuesday, October 24th. Eight investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $28.00.
In related news, COO Alfred L. Young sold 17,750 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $28.28, for a total value of $501,970.00. Following the completion of the transaction, the chief operating officer now directly owns 88,808 shares of the company’s stock, valued at $2,511,490.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.38% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in LHO. Brookfield Asset Management Inc. bought a new position in LaSalle Hotel Properties in the second quarter worth about $72,146,000. Bank of New York Mellon Corp raised its stake in LaSalle Hotel Properties by 65.1% in the third quarter. Bank of New York Mellon Corp now owns 4,147,536 shares of the real estate investment trust’s stock worth $120,362,000 after buying an additional 1,635,160 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of LaSalle Hotel Properties by 4.4% during the second quarter. Vanguard Group Inc. now owns 20,095,440 shares of the real estate investment trust’s stock valued at $598,844,000 after purchasing an additional 844,043 shares in the last quarter. Frontier Investment Mgmt Co. bought a new position in shares of LaSalle Hotel Properties during the second quarter valued at approximately $12,445,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of LaSalle Hotel Properties by 6.8% during the second quarter. Goldman Sachs Group Inc. now owns 4,834,897 shares of the real estate investment trust’s stock valued at $144,080,000 after purchasing an additional 307,543 shares in the last quarter.
WARNING: “LaSalle Hotel Properties (LHO) Upgraded by Zacks Investment Research to Buy” was reported by BBNS and is owned by of BBNS. If you are reading this piece of content on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this piece of content can be viewed at https://baseballnewssource.com/markets/lasalle-hotel-properties-lho-upgraded-by-zacks-investment-research-to-buy/1867771.html.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for LaSalle Hotel Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for LaSalle Hotel Properties and related companies with MarketBeat.com's FREE daily email newsletter.