Readystate Asset Management LP Lowers Position in Service Properties Trust $SVC

Key Points

• Readystate Asset Management sharply reduced its Service Properties Trust stake by 86.4% in the second quarter, selling 2.46 million shares and retaining 389,024 shares valued at approximately $657,000.
• Service Properties Trust shares opened at $7.61, below their 50-day and 200-day moving averages, with a market capitalization of about $986 million and a 52-week range of $5.65 to $15.05.
• The company raised its quarterly dividend to $0.05 per share, equal to an annualized $0.20 dividend and a 2.6% yield. Analysts have a consensus “Hold” rating and an average price target of $12.81.

Readystate Asset Management LP trimmed its holdings in shares of Service Properties Trust (NASDAQ:SVC - Free Report) by 86.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 389,024 shares of the real estate investment trust's stock after selling 2,462,813 shares during the quarter. Readystate Asset Management LP owned 0.30% of Service Properties Trust worth $657,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Caxton Associates LLP purchased a new position in Service Properties Trust during the third quarter worth about $33,000. BNP Paribas Financial Markets raised its stake in shares of Service Properties Trust by 54.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 14,470 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 5,099 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Service Properties Trust in the 3rd quarter valued at approximately $45,000. Abel Hall LLC acquired a new position in shares of Service Properties Trust in the 4th quarter worth approximately $32,000. Finally, Farringdon Capital Ltd. acquired a new position in shares of Service Properties Trust in the 2nd quarter worth approximately $37,000. 77.62% of the stock is currently owned by hedge funds and other institutional investors.

Service Properties Trust Stock Performance

Shares of SVC stock opened at $7.61 on Tuesday. The firm has a 50 day moving average of $8.24 and a two-hundred day moving average of $8.50. The stock has a market capitalization of $985.57 million, a PE ratio of -0.99 and a beta of 1.66. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 2.11. Service Properties Trust has a 52 week low of $5.65 and a 52 week high of $15.05.

Service Properties Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, July 20th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.6%. This is a boost from Service Properties Trust's previous quarterly dividend of $0.05. The ex-dividend date was Monday, July 20th. Service Properties Trust's dividend payout ratio (DPR) is -2.60%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. LADENBURG THALM/SH SH initiated coverage on Service Properties Trust in a research report on Tuesday, June 30th. They issued a "buy" rating and a $11.25 target price on the stock. Weiss Ratings upgraded Service Properties Trust from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 29th. B. Riley Financial increased their target price on Service Properties Trust from $10.00 to $12.50 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Finally, Zacks Research upgraded Service Properties Trust from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $12.81.

Service Properties Trust Company Profile

Service Properties Trust NASDAQ: SVC is a real estate investment trust (REIT) specializing in the acquisition, ownership and leasing of service-oriented properties, with a primary focus on the lodging sector. The company structures long-term, triple-net leases with established hotel operators under franchise agreements with leading global brands. By partnering with recognized hotel companies, Service Properties Trust seeks to generate a stable income stream through rent payments, while offering operators the capital and balance-sheet flexibility to grow their portfolios.

Since its formation in 2010, Service Properties Trust has grown its portfolio through strategic sale-leaseback transactions, targeted property acquisitions and selective dispositions.

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