RLJ Lodging Trust (RLJ) Rating Increased to Buy at Canaccord Genuity

RLJ Lodging Trust (NYSE:RLJ) was upgraded by stock analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $23.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $21.00. Canaccord Genuity’s price objective would suggest a potential upside of 9.06% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company raised RLJ Lodging Trust from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Tuesday, September 5th. ValuEngine cut RLJ Lodging Trust from a “buy” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub cut RLJ Lodging Trust from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Zacks Investment Research raised RLJ Lodging Trust from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Finally, Bank of America Corporation began coverage on RLJ Lodging Trust in a report on Monday, August 14th. They set a “neutral” rating and a $22.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. RLJ Lodging Trust presently has an average rating of “Hold” and a consensus target price of $24.44.

Shares of RLJ Lodging Trust (NYSE:RLJ) traded up 3.43% on Friday, hitting $21.09. The company had a trading volume of 3,810,312 shares. The company has a 50 day moving average price of $20.33 and a 200 day moving average price of $21.31. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 14.54 and a beta of 1.17. RLJ Lodging Trust has a 1-year low of $18.92 and a 1-year high of $25.10.

RLJ Lodging Trust (NYSE:RLJ) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. The business had revenue of $292.28 million for the quarter, compared to analysts’ expectations of $293.16 million. RLJ Lodging Trust had a return on equity of 8.16% and a net margin of 16.12%. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 EPS. On average, equities analysts forecast that RLJ Lodging Trust will post $0.98 earnings per share for the current fiscal year.

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In other RLJ Lodging Trust news, Director Nathaniel A. Davis sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $20.11, for a total value of $201,100.00. Following the transaction, the director now directly owns 72,928 shares in the company, valued at approximately $1,466,582.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Forgia Robert M. La bought 5,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was acquired at an average price of $19.73 per share, for a total transaction of $98,650.00. Following the completion of the purchase, the director now directly owns 37,528 shares in the company, valued at $740,427.44. The disclosure for this purchase can be found here. 2.30% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of RLJ Lodging Trust by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 20,084,086 shares of the real estate investment trust’s stock valued at $399,071,000 after purchasing an additional 300,010 shares during the last quarter. BlackRock Inc. increased its position in shares of RLJ Lodging Trust by 7.5% during the 2nd quarter. BlackRock Inc. now owns 12,256,164 shares of the real estate investment trust’s stock valued at $243,529,000 after purchasing an additional 856,636 shares during the last quarter. Lasalle Investment Management Securities LLC increased its position in shares of RLJ Lodging Trust by 6.6% during the 2nd quarter. Lasalle Investment Management Securities LLC now owns 7,289,174 shares of the real estate investment trust’s stock valued at $144,836,000 after purchasing an additional 451,443 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of RLJ Lodging Trust by 6.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,743,188 shares of the real estate investment trust’s stock valued at $114,117,000 after purchasing an additional 331,184 shares during the last quarter. Finally, State Street Corp increased its position in shares of RLJ Lodging Trust by 2.4% during the 2nd quarter. State Street Corp now owns 4,831,260 shares of the real estate investment trust’s stock valued at $96,267,000 after purchasing an additional 111,681 shares during the last quarter.

About RLJ Lodging Trust

RLJ Lodging Trust is a self-administered real estate investment trust. The Company is engaged in the acquisition of focused-service and compact full-service hotels. As of December 31, 2016, the Company owned 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia, and an interest in one mortgage loan secured by a hotel.

Analyst Recommendations for RLJ Lodging Trust (NYSE:RLJ)

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