Chatham Lodging Trust (NYSE:CLDT) Rating Lowered to Sell at Zacks Investment Research

Chatham Lodging Trust (NYSE:CLDTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, Zacks.com reports.

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. “

A number of other research analysts have also recently issued reports on the stock. Oppenheimer initiated coverage on shares of Chatham Lodging Trust in a research note on Thursday, April 21st. They issued an “outperform” rating and a $19.00 target price for the company. StockNews.com upgraded shares of Chatham Lodging Trust from a “sell” rating to a “hold” rating in a research report on Thursday, May 5th. Finally, TheStreet raised shares of Chatham Lodging Trust from a “d+” rating to a “c-” rating in a report on Monday, April 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.88.

CLDT traded down $0.43 on Thursday, reaching $13.10. 386,213 shares of the company traded hands, compared to its average volume of 334,218. The stock’s 50 day moving average price is $13.17 and its 200-day moving average price is $13.38. Chatham Lodging Trust has a 52-week low of $11.00 and a 52-week high of $15.12. The company has a market cap of $639.35 million, a price-to-earnings ratio of -17.47 and a beta of 1.72. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.26 and a quick ratio of 1.26.

Chatham Lodging Trust (NYSE:CLDTGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The real estate investment trust reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.30). Chatham Lodging Trust had a negative net margin of 13.46% and a negative return on equity of 3.73%. During the same quarter in the prior year, the firm earned ($0.15) EPS. As a group, equities research analysts forecast that Chatham Lodging Trust will post 1.05 earnings per share for the current fiscal year.

In other Chatham Lodging Trust news, Director Robert D. Perlmutter bought 4,200 shares of the firm’s stock in a transaction on Friday, May 20th. The shares were acquired at an average cost of $11.84 per share, for a total transaction of $49,728.00. Following the purchase, the director now directly owns 73,100 shares of the company’s stock, valued at $865,504. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Edwin B. Brewer, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The shares were bought at an average price of $21.25 per share, with a total value of $212,500.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $212,500. The disclosure for this purchase can be found here. Company insiders own 5.20% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Chatham Lodging Trust by 10.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 23,871 shares of the real estate investment trust’s stock worth $459,000 after purchasing an additional 2,209 shares during the last quarter. Royal Bank of Canada lifted its holdings in Chatham Lodging Trust by 207.8% during the second quarter. Royal Bank of Canada now owns 4,593 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 3,101 shares during the period. Morgan Stanley lifted its holdings in Chatham Lodging Trust by 30.7% during the second quarter. Morgan Stanley now owns 259,492 shares of the real estate investment trust’s stock worth $3,340,000 after buying an additional 61,020 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Chatham Lodging Trust by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,026,357 shares of the real estate investment trust’s stock valued at $12,572,000 after purchasing an additional 8,491 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Chatham Lodging Trust during the 3rd quarter valued at $464,000. 84.83% of the stock is owned by institutional investors and hedge funds.

About Chatham Lodging Trust (Get Rating)

Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. At September, 30, 2020, The company owns interests in 86 hotels totaling 12,040 rooms/suites, comprised of 40 properties it wholly owns with an aggregate of 6,092 rooms/suites in 15 states and the District of Columbia and a minority investment in the Innkeepers joint ventures that owns 46 hotels with an aggregate of 5,948 rooms/suites.

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