Service Properties Trust (NASDAQ:SVC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Service Properties Trust (NASDAQ:SVC) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,993,745 shares of the real estate investment trust’s stock after selling 44,114 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.21% of Service Properties Trust worth $17,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 Hong Kong Ltd lifted its position in Service Properties Trust by 350.6% in the first quarter. Point72 Hong Kong Ltd now owns 4,389 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 3,415 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Service Properties Trust by 146.8% in the first quarter. Tower Research Capital LLC TRC now owns 5,131 shares of the real estate investment trust’s stock valued at $51,000 after buying an additional 3,052 shares during the last quarter. Quilter Plc acquired a new position in Service Properties Trust in the second quarter valued at about $5,457,595,000. Captrust Financial Advisors acquired a new position in Service Properties Trust in the second quarter valued at about $41,000. Finally, Cerity Partners LLC acquired a new position in Service Properties Trust in the first quarter valued at about $616,000. Institutional investors and hedge funds own 78.20% of the company’s stock.

Wall Street Analyst Weigh In

SVC has been the topic of a number of recent analyst reports. HSBC initiated coverage on shares of Service Properties Trust in a research report on Monday, October 23rd. They issued a “hold” rating and a $8.00 target price on the stock. Wells Fargo & Company decreased their target price on shares of Service Properties Trust from $8.00 to $6.50 and set an “underweight” rating on the stock in a research report on Monday.

Service Properties Trust Stock Down 2.4 %

Shares of SVC opened at $6.86 on Tuesday. The stock has a market capitalization of $1.14 billion, a PE ratio of -52.77 and a beta of 2.23. Service Properties Trust has a 1 year low of $6.84 and a 1 year high of $11.56. The company has a debt-to-equity ratio of 4.39, a quick ratio of 0.75 and a current ratio of 0.75. The company’s 50-day simple moving average is $7.53 and its 200-day simple moving average is $8.19.

Service Properties Trust Announces Dividend

The firm also recently declared 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 11.66%. Service Properties Trust’s dividend payout ratio is presently -615.38%.

About Service Properties Trust

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.