Allianz Asset Management GmbH Sells 1,654,136 Shares of RLJ Lodging Trust (NYSE:RLJ)

Key Points

• Allianz Asset Management GmbH reduced its stake in RLJ Lodging Trust by 50.8%, selling 1,654,136 shares and holding approximately 1.06% of the company worth $12.64 million.
• RLJ Lodging Trust reported $0.31 earnings per share for the last quarter, surpassing analysts' expectations of $0.30, with a revenue of $328.12 million, up 1.1% year-over-year.
• The Trust declared a quarterly dividend of $0.15, equating to an annualized dividend yield of 7.66%, although the dividend payout ratio currently stands at 230.77%.

Allianz Asset Management GmbH lessened its position in RLJ Lodging Trust (NYSE:RLJ - Free Report) by 50.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,602,068 shares of the real estate investment trust's stock after selling 1,654,136 shares during the quarter. Allianz Asset Management GmbH owned approximately 1.06% of RLJ Lodging Trust worth $12,640,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Segall Bryant & Hamill LLC purchased a new position in shares of RLJ Lodging Trust in the 1st quarter valued at approximately $915,000. Victory Capital Management Inc. lifted its stake in shares of RLJ Lodging Trust by 2,455.6% in the 1st quarter. Victory Capital Management Inc. now owns 469,769 shares of the real estate investment trust's stock valued at $3,706,000 after purchasing an additional 451,387 shares during the period. Palisade Capital Management LP lifted its stake in shares of RLJ Lodging Trust by 0.4% in the 1st quarter. Palisade Capital Management LP now owns 3,071,508 shares of the real estate investment trust's stock valued at $24,234,000 after purchasing an additional 11,235 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of RLJ Lodging Trust in the 1st quarter valued at approximately $177,000. Finally, KBC Group NV purchased a new position in shares of RLJ Lodging Trust in the 1st quarter valued at approximately $27,000. Hedge funds and other institutional investors own 92.35% of the company's stock.

RLJ Lodging Trust Stock Up 1.8%

Shares of NYSE:RLJ opened at $7.84 on Friday. The stock has a fifty day simple moving average of $7.43 and a two-hundred day simple moving average of $8.14. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 30.14, a PEG ratio of 2.45 and a beta of 1.47. RLJ Lodging Trust has a 12-month low of $6.16 and a 12-month high of $10.84. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 1.18.

RLJ Lodging Trust (NYSE:RLJ - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.01. The business had revenue of $328.12 million during the quarter, compared to analysts' expectations of $328.08 million. RLJ Lodging Trust had a return on equity of 3.43% and a net margin of 4.84%. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. On average, research analysts anticipate that RLJ Lodging Trust will post 1.37 earnings per share for the current fiscal year.

RLJ Lodging Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 7.66%. The ex-dividend date of this dividend was Monday, June 30th. RLJ Lodging Trust's dividend payout ratio is currently 230.77%.

Analysts Set New Price Targets

A number of research analysts have recently commented on RLJ shares. Wall Street Zen cut RLJ Lodging Trust from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company raised their target price on RLJ Lodging Trust from $6.00 to $7.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Oppenheimer lowered their target price on RLJ Lodging Trust from $12.00 to $11.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, Truist Financial lowered their price objective on RLJ Lodging Trust from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, RLJ Lodging Trust has an average rating of "Hold" and a consensus target price of $9.40.

About RLJ Lodging Trust

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company's portfolio currently consists of 96 hotels with approximately 21,200 rooms, located in 23 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.

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