Chatham Lodging Trust (NYSE:CLDT) Board of Directors Authorizes Stock Repurchase Plan

Chatham Lodging Trust (NYSE:CLDT) announced that its board has authorized a stock buyback plan on Tuesday, May 6th, RTT News reports. The company plans to buyback $25.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to reacquire up to 7.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Chatham Lodging Trust Stock Down 0.5 %

Shares of CLDT opened at $6.99 on Thursday. The stock’s 50 day moving average is $7.16 and its two-hundred day moving average is $8.24. Chatham Lodging Trust has a 12 month low of $5.83 and a 12 month high of $10.00. The firm has a market cap of $342.58 million, a P/E ratio of -30.41 and a beta of 1.42. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.37.

Chatham Lodging Trust (NYSE:CLDT) last announced its earnings results on Tuesday, May 6th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.01. The business had revenue of $68.64 million for the quarter, compared to analyst estimates of $67.99 million. Chatham Lodging Trust had a negative net margin of 0.99% and a negative return on equity of 0.39%. Analysts predict that Chatham Lodging Trust will post 1.07 earnings per share for the current fiscal year.

Chatham Lodging Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, March 31st. Chatham Lodging Trust’s payout ratio is 600.00%.

Analysts Set New Price Targets

CLDT has been the topic of several analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Chatham Lodging Trust in a research report on Tuesday. Stifel Nicolaus dropped their target price on Chatham Lodging Trust from $11.00 to $9.50 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, StockNews.com lowered Chatham Lodging Trust from a “buy” rating to a “hold” rating in a research report on Wednesday, March 26th.

About Chatham Lodging Trust

Chatham Lodging Trust is a self-advised, publicly traded real estate investment trust (REIT) focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 39 hotels totaling 5,915 rooms/suites in 16 states and the District of Columbia.