Hersha Hospitality Trust
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Hersha Hospitality Trust is a self-advised real estate investment trust (REIT). The Company invests primarily in institutional grade hotels in urban gateway markets, including New York, Washington, District of Columbia, Boston, Philadelphia, South Florida and select markets on the West Coast. As of December 31, 2017, the Company's hotels included 50 hotels totaling 7,725 rooms located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The Company’s properties operate under brands that include Marriott International, Hilton Hotels, Hyatt Hotels, Intercontinental Hotel Group, and Pan Pacific.

Closing Price
$4.70
Day's Change
-0.11 (-2.29%)
Bid
--
Ask
--
B/A Size
--
Day's High
4.76
Day's Low
4.54
Volume
(Light)
Volume:
318,193

10-day average volume:
781,512
318,193

UPDATE: These bank stocks could enjoy a 'major rally' as Fed gives unprecedented support, says longtime analyst

3:02 pm ET March 24, 2020 (MarketWatch)
Print

By Philip van Doorn, MarketWatch

Still, Dick Bove of Odeon Capital Group cautions against banks' long-term outlook

Dick Bove of Odeon Capital has made it clear in recent days that the coronavirus crisis and longer-term challenges to the banking industry have made bank stocks unattractive despite their recent declines.

But now, with the Federal Reserve doing everything it can to assure liquidity, and Congress expected to pass what may turn out to be a $2 trillion economic stimulus bill, "there are a number of stocks that could be attractive for trading here," he wrote in a note to clients March 24.

The important words are "trading here," which means Bove isn't recommending these stocks as long-term investments.

Here are Bove's trading "buys" from the March 24 report:

-- Two universal banks: J.P. Morgan Chase (JPM) and Bank of America (BAC).

-- Two regional banks: M&T Bank Corp. (MTB) of Buffalo, N.Y., and SVB Financial (SIVB) of Santa Clara, Calif.

-- Two preferred stocks issued by government-sponsored enterprises: Fannie Mae series S and Freddie Mac series K . Dividends have been suspended on both since the GSEs were taken under government conservatorship in September 2008. Both are speculative plays on the eventual return of the GSEs to private control, along with a restoration of the preferred dividends and eventual redemption of the preferred. FNMAS has a $25 par value and closed at $5.20 on March 23. FMCKK has a $50 par value and closed at $7.75 on March 23.

In a report March 23, Bove wrote that the GSEs were "generating enough profit to see that these securities should be paid a dividend" on the preferred shares. If and when that happens, they will trade closer to par.

Bove on March 24 predicted "a major rally is likely to occur immediately," because of the "unlimited (http://www.marketwatch.com/story/fed-saying-aggressive-action-is-needed-starts-unlimited-qe-2020-03-23)" buying of U.S. Treasury and government agency securities announced by the Federal Reserve on March 23.

The analyst wrote that the Fed's actions and expected stimulus from Congress would not change the bank's "earnings outlooks," which means long-term investors are still likely to see a rocky ride as the U.S. economy moves through the cornavirus crisis, its severe disruption of various industries and the aftermath. So exercise caution.

Here's how the four common stocks Bove recommended as stimulus-rally trades have performed, excluding dividends:

Bank Ticker Price change - 2020 Price change - 2019

J.P. Morgan Chase & Co. US:JPM -43% 43%

Bank of America Corp US:BAC -49% 43%

M&T Bank Corporation US:MTB -48% 19%

SVB Financial Group US:SIVB -43.% 32%

Source: FactSet

Don't miss:You can be 'practically stealing' quality stocks now, according to Jefferies (http://www.marketwatch.com/story/you-can-be-practically-stealing-quality-stocks-now-according-to-jefferies-2020-03-23)

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 24, 2020 15:02 ET (19:02 GMT)

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