Federated Hermes Inc. Lowers Stake in Service Properties Trust (NASDAQ:SVC)

Federated Hermes Inc. trimmed its position in Service Properties Trust (NASDAQ:SVC) by 90.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 10,348 shares of the real estate investment trust’s stock after selling 97,362 shares during the quarter. Federated Hermes Inc.’s holdings in Service Properties Trust were worth $88,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp raised its position in Service Properties Trust by 18.6% in the third quarter. Northern Trust Corp now owns 2,511,244 shares of the real estate investment trust’s stock valued at $19,311,000 after purchasing an additional 393,555 shares during the period. AQR Capital Management LLC raised its holdings in shares of Service Properties Trust by 108.0% during the 3rd quarter. AQR Capital Management LLC now owns 635,044 shares of the real estate investment trust’s stock valued at $4,883,000 after buying an additional 329,690 shares during the period. Invesco Ltd. raised its holdings in shares of Service Properties Trust by 15.3% during the 3rd quarter. Invesco Ltd. now owns 2,310,176 shares of the real estate investment trust’s stock valued at $17,765,000 after buying an additional 307,236 shares during the period. Capital Management Corp VA lifted its position in Service Properties Trust by 8.5% during the 3rd quarter. Capital Management Corp VA now owns 2,826,085 shares of the real estate investment trust’s stock worth $21,733,000 after acquiring an additional 220,515 shares in the last quarter. Finally, Illinois Municipal Retirement Fund purchased a new position in Service Properties Trust in the 3rd quarter worth approximately $776,000. 77.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SVC has been the topic of a number of analyst reports. B. Riley dropped their price objective on shares of Service Properties Trust from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 4th. Wells Fargo & Company reduced their price target on Service Properties Trust from $7.50 to $5.75 and set an “underweight” rating for the company in a report on Thursday, March 21st.

Service Properties Trust Stock Performance

Shares of SVC stock opened at $6.07 on Tuesday. The company has a quick ratio of 0.09, a current ratio of 0.09 and a debt-to-equity ratio of 3.26. The business has a 50 day moving average of $6.49 and a two-hundred day moving average of $7.30. The company has a market cap of $1.01 billion, a P/E ratio of -30.35 and a beta of 2.17. Service Properties Trust has a 52 week low of $5.90 and a 52 week high of $9.39.

Service Properties Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, April 22nd will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $0.80 annualized dividend and a yield of 13.18%. Service Properties Trust’s dividend payout ratio is presently -400.00%.

About Service Properties Trust

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 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.