Allspring Global Investments Holdings LLC Trims Holdings in Service Properties Trust (NASDAQ:SVC)

Allspring Global Investments Holdings LLC reduced its stake in shares of Service Properties Trust (NASDAQ:SVC) by 9.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 179,055 shares of the real estate investment trust’s stock after selling 17,688 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.11% of Service Properties Trust worth $1,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SVC. JPMorgan Chase & Co. grew its holdings in Service Properties Trust by 16.4% during the 1st quarter. JPMorgan Chase & Co. now owns 1,043,522 shares of the real estate investment trust’s stock valued at $9,214,000 after buying an additional 146,822 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Service Properties Trust by 330.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 170,481 shares of the real estate investment trust’s stock valued at $1,505,000 after buying an additional 130,851 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Service Properties Trust by 30.7% in the first quarter. PNC Financial Services Group Inc. now owns 12,699 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 2,982 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Service Properties Trust by 17.8% in the first quarter. Bank of Montreal Can now owns 65,201 shares of the real estate investment trust’s stock valued at $587,000 after purchasing an additional 9,855 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Service Properties Trust by 49.7% in the first quarter. MetLife Investment Management LLC now owns 80,220 shares of the real estate investment trust’s stock valued at $708,000 after purchasing an additional 26,633 shares in the last quarter. 78.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, HSBC started coverage on shares of Service Properties Trust in a report on Monday, October 23rd. They issued a “hold” rating and a $8.00 target price for the company.

Service Properties Trust Stock Down 2.6 %

Shares of SVC opened at $7.49 on Wednesday. The company has a market cap of $1.24 billion, a PE ratio of -149.80 and a beta of 2.23. The business has a fifty day moving average of $7.62 and a 200 day moving average of $8.24. Service Properties Trust has a 52-week low of $6.89 and a 52-week high of $11.56. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 4.27.

Service Properties Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 16th. Stockholders of record on Monday, October 23rd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, October 20th. This represents a $0.80 annualized dividend and a dividend yield of 10.68%. Service Properties Trust’s dividend payout ratio (DPR) is -1,600.00%.

Service Properties Trust Profile

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of June 30, 2023, SVC owned 221 hotels with over 37,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service.