Principal Financial Group Inc. Sells 92,607 Shares of Service Properties Trust (NASDAQ:SVC)

Principal Financial Group Inc. reduced its stake in Service Properties Trust (NASDAQ:SVC) by 10.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 781,954 shares of the real estate investment trust’s stock after selling 92,607 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of Service Properties Trust worth $3,566,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. ProShare Advisors LLC raised its holdings in Service Properties Trust by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 33,275 shares of the real estate investment trust’s stock worth $226,000 after acquiring an additional 2,287 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Service Properties Trust by 12.3% during the third quarter. Van ECK Associates Corp now owns 28,352 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 3,112 shares during the last quarter. King Luther Capital Management Corp increased its holdings in Service Properties Trust by 13.0% in the 2nd quarter. King Luther Capital Management Corp now owns 27,115 shares of the real estate investment trust’s stock worth $139,000 after buying an additional 3,115 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Service Properties Trust by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 85,140 shares of the real estate investment trust’s stock worth $438,000 after buying an additional 3,122 shares in the last quarter. Finally, abrdn plc lifted its stake in Service Properties Trust by 10.5% during the 3rd quarter. abrdn plc now owns 33,919 shares of the real estate investment trust’s stock valued at $155,000 after acquiring an additional 3,236 shares during the period. Institutional investors own 77.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Service Properties Trust from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday, September 13th. B. Riley cut their price target on Service Properties Trust from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

Service Properties Trust Stock Up 5.0 %

SVC stock opened at $2.72 on Friday. The business’s 50-day moving average price is $3.94 and its 200-day moving average price is $4.74. The stock has a market cap of $453.15 million, a P/E ratio of -1.85 and a beta of 2.23. Service Properties Trust has a twelve month low of $2.47 and a twelve month high of $8.72. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 4.32.

Service Properties Trust (NASDAQ:SVC) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.65). Service Properties Trust had a negative return on equity of 22.67% and a negative net margin of 12.87%. The firm had revenue of $491.17 million during the quarter, compared to the consensus estimate of $497.97 million. During the same quarter in the previous year, the company earned $0.56 earnings per share. On average, equities research analysts forecast that Service Properties Trust will post 1.13 EPS for the current year.

Service Properties Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, October 28th were paid a $0.01 dividend. The ex-dividend date was Monday, October 28th. This represents a $0.04 annualized dividend and a yield of 1.47%. Service Properties Trust’s payout ratio is -2.72%.

Service Properties Trust Company Profile

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 2023, SVC owned 221 hotels with over 37,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service.