Dividend Announcements Buoy Lodging Stocks
Skift Take
- On Friday lodging stocks ended higher: BHR rose 12% while AINC was up 7%. SOND fell -7% on the day.
- Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform.
- Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share.
The DJIA fell 306 points on Friday while Nasdaq was down 77, the S&P 500 fell 29 points and the 10 year treasury yield bounced .08 to 3.57%. Lodging stocks were higher. BHR rose 12% while AINC was up 7%. SOND fell -7% on the day.
Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform. RJ believes the recovery in hotel fundamentals is more likely to stall during the next few months. They did up their target price on Ryman Hospitality to $100 from $95 while maintaining their Outperform rating.
Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share, versus the prior quarter’s dividend of $0.10.
Braemar Hotels & Resorts stock jump on Friday was due to their announ
