RLJ Lodging Trust (NYSE:RLJ) Price Target Raised to $10.50 at Bank of America

RLJ Lodging Trust (NYSE:RLJ) had its price target increased by Bank of America from $9.25 to $10.50 in a research note released on Monday morning,Benzinga reports. Bank of America currently has an underperform rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of RLJ Lodging Trust from $7.00 to $9.00 and gave the company an “underweight” rating in a research note on Monday, June 1st. Weiss Ratings upgraded shares of RLJ Lodging Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Truist Financial upped their price objective on shares of RLJ Lodging Trust from $7.00 to $10.00 and gave the stock a “hold” rating in a research report on Friday, June 12th. Wall Street Zen raised shares of RLJ Lodging Trust from a “sell” rating to a “hold” rating in a research note on Sunday, June 7th. Finally, Zacks Research upgraded shares of RLJ Lodging Trust from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.56.

RLJ Lodging Trust Price Performance

Shares of RLJ stock opened at $12.04 on Monday. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 1.22. RLJ Lodging Trust has a twelve month low of $6.54 and a twelve month high of $12.07. The company has a market cap of $1.83 billion, a P/E ratio of -1,204.00 and a beta of 1.09. The business has a fifty day simple moving average of $10.73 and a 200 day simple moving average of $8.87.

RLJ Lodging Trust (NYSE:RLJ) last released its quarterly earnings data on Monday, May 4th. The real estate investment trust reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. The business had revenue of $339.98 million for the quarter, compared to analyst estimates of $323.51 million. RLJ Lodging Trust had a return on equity of 1.37% and a net margin of 1.84%.RLJ Lodging Trust’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. On average, sell-side analysts forecast that RLJ Lodging Trust will post 1.26 EPS for the current fiscal year.

RLJ Lodging Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.15 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.60 annualized dividend and a yield of 5.0%. RLJ Lodging Trust’s dividend payout ratio (DPR) is currently -6,000.00%.

Institutional Trading of RLJ Lodging Trust

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of RLJ Lodging Trust by 2,721.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,470 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 3,347 shares during the period. Daytona Street Capital LLC acquired a new stake in RLJ Lodging Trust during the 4th quarter worth approximately $28,000. PNC Financial Services Group Inc. boosted its position in RLJ Lodging Trust by 166.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,618 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 2,887 shares during the period. Danske Bank A S bought a new stake in RLJ Lodging Trust during the 3rd quarter worth approximately $50,000. Finally, Los Angeles Capital Management LLC bought a new stake in RLJ Lodging Trust during the 4th quarter worth approximately $51,000. 92.35% of the stock is owned by institutional investors and hedge funds.

RLJ Lodging Trust Company Profile

RLJ Lodging Trust is a self-managed, publicly traded real estate investment trust (REIT) that acquires, owns and operates premium-branded, focused-service and compact full-service hotels. The company’s portfolio is concentrated in major U.S. markets, targeting properties that benefit from strong corporate and leisure demand, limited new supply and established brand affiliations.

The trust’s hotels are affiliated with leading global lodging brands across the spectrum of service levels, including lifestyle and upscale segments.