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HT

Hersha Hospitality

$18.02

-0.05 (-0.28%)

08:02
10/03/16
10/03
08:02
10/03/16
08:02

Hersha Hospitality announces new $100M share repurchase program

Hersha Hospitality Trust announced that its Board of Trustees authorized a new share repurchase program of up to $100M of the company's outstanding common shares. This new program will commence upon completion of the company's existing $100M share repurchase program, of which approximately $23.1M remains available for repurchases of the company's outstanding common shares through the end of 2016. The company expects to complete the new repurchase program prior to December 31, 2017, unless extended by the Board of Trustees. "The Company is on track to successfully dispose over $825M of stabilized hotels this year. Our ability to execute these sales has provided the Company tremendous financial flexibility to acquire assets, de-lever and undertake additional share repurchases. The new $100 million share repurchase program underscores confidence in our young, differentiated and high-quality hotel portfolio, in addition to driving returns to our shareholders. We believe opportunistic share buybacks are an attractive use of available capital and a driver of share value when the share price is temporarily dislocated and at a material discount to our net asset value. Since 2014, we have repurchased $192.2M of our common shares, representing approximately 20% of common shares outstanding. We intend to continue opportunistic share repurchases throughout the year to take advantage of capital market dislocations, remaining steadfast to our sustained and unique value creation philosophy and commitment to driving total shareholder returns," stated Jay H. Shah, Hersha's CEO.

HT Hersha Hospitality
$18.02

-0.05 (-0.28%)

05/19/16
05/19/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. L Brands (LB) downgraded to Neutral from Outperform at Baird and downgraded to Neutral from Buy at MKM Partners. Baird's analyst said near-term visibility has been greatly reduced amid the sales slowdowns on multiple fronts, while MKM Partners' Roxanne Meyer said decelerating comps and the change in leadership in lingerie signal that execution issues may continue. 2. Piper Jaffray analyst Stephanie Wissink downgraded Regis (RGS) Corporation to Underweight and lowered her price target for the shares to $8 from $13. The Department of Labor's overtime rule change, that will raise the minimum threshold for overtime eligibility from $23,660 to $47,500, could cost Regis $81M on a full year basis, Wissink tells investors in a research note. She lowered her estimates for the company "meaningfully." 3. BofA Merrill Lynch downgraded RLJ Lodging Trust (RLJ) two notches, to Underperform from Buy, and lowered its price target to $18 from $23. Analyst Shaun Kelley is concerned about RLJ's overexposure to Houston, New York City, Denver, and Chicago markets and thinks the loss of veteran CEO Tom Baltimore will take time to replace. The firm also downgraded Hyatt (H), Hersha Hospitality (HT) and Hilton (HLT), all to Neutral from Buy, this morning. 4. Goldman Sachs analyst Ryan Nash double downgraded BankUnited (BKU) to Sell from Buy and lowered his price target for the shares to $34 from $40. The analyst is concerned that consensus estimates for 2016 and 2017 are too high. 5. RBC Capital downgraded Lockheed Martin (LMT) to Sector Perform from Outperform, noting that the stock's valuation has reached a ten year high. RBC Capital also downgraded Northrop Grumman (NOC) to Sector Perform from Outperform, also citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/19/16
BOFA
05/19/16
DOWNGRADE
Target $18
BOFA
Neutral
Hersha Hospitality downgraded to Neutral on EBITDA pressure at BofA/Merrill
As previously reported, BofA/Merrill downgraded Hersha Hospitality to Neutral from Buy and lowered its price target to $18 from $21. Analyst Shaun Kelley is concerned about its increasing financial leverage as core EBITDA is being pressured.
05/19/16
BOFA
05/19/16
DOWNGRADE
BOFA
Neutral
Hersha Hospitality downgraded to Neutral from Buy at BofA/Merrill
03/29/16
STFL
03/29/16
INITIATION
STFL
Hold
Hersha Hospitality coverage resumed with a Hold at Stifel

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