Envestnet Asset Management Inc. Acquires 54,549 Shares of Service Properties Trust (NASDAQ:SVC)

Envestnet Asset Management Inc. raised its holdings in shares of Service Properties Trust (NASDAQ:SVC) by 16.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 376,899 shares of the real estate investment trust’s stock after purchasing an additional 54,549 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.23% of Service Properties Trust worth $957,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Wells Fargo & Company MN increased its position in Service Properties Trust by 15.4% during the 4th quarter. Wells Fargo & Company MN now owns 234,934 shares of the real estate investment trust’s stock worth $597,000 after buying an additional 31,337 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of Service Properties Trust in the fourth quarter valued at about $160,000. RPO LLC bought a new stake in Service Properties Trust in the 4th quarter valued at about $56,000. ExodusPoint Capital Management LP acquired a new position in shares of Service Properties Trust during the 4th quarter worth approximately $1,282,000. Finally, Geode Capital Management LLC increased its holdings in shares of Service Properties Trust by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,563,212 shares of the real estate investment trust’s stock worth $11,593,000 after purchasing an additional 53,389 shares during the period. Institutional investors and hedge funds own 77.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SVC shares. B. Riley began coverage on Service Properties Trust in a research note on Tuesday, April 22nd. They issued a “neutral” rating and a $2.00 price target for the company. Wells Fargo & Company upgraded Service Properties Trust from an “underweight” rating to an “overweight” rating and upped their target price for the company from $2.50 to $4.00 in a research report on Wednesday, March 19th.

Service Properties Trust Price Performance

SVC stock opened at $1.90 on Friday. The company’s 50-day moving average price is $2.34 and its two-hundred day moving average price is $2.66. The firm has a market cap of $316.61 million, a P/E ratio of -1.29 and a beta of 1.80. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 4.32. Service Properties Trust has a 12 month low of $1.71 and a 12 month high of $6.34.

Service Properties Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.01 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $0.04 annualized dividend and a yield of 2.11%. Service Properties Trust’s dividend payout ratio is currently -2.40%.

Service Properties Trust Company Profile

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.