Bank of America Corp DE boosted its stake in Pebblebrook Hotel Trust (NYSE:PEB) by 44.8% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 970,763 shares of the real estate investment trust’s stock after buying an additional 300,495 shares during the period. Bank of America Corp DE owned approximately 1.40% of Pebblebrook Hotel Trust worth $28,357,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEB. Reliance Trust Co. of Delaware bought a new position in Pebblebrook Hotel Trust during the first quarter valued at about $318,000. Spirit of America Management Corp NY boosted its position in Pebblebrook Hotel Trust by 2.2% in the first quarter. Spirit of America Management Corp NY now owns 82,950 shares of the real estate investment trust’s stock valued at $2,423,000 after buying an additional 1,800 shares during the period. Bank of Montreal Can boosted its position in Pebblebrook Hotel Trust by 12,433.3% in the first quarter. Bank of Montreal Can now owns 28,200 shares of the real estate investment trust’s stock valued at $824,000 after buying an additional 27,975 shares during the period. Macquarie Group Ltd. raised its stake in Pebblebrook Hotel Trust by 17.6% in the fourth quarter. Macquarie Group Ltd. now owns 767,308 shares of the real estate investment trust’s stock valued at $22,828,000 after buying an additional 115,069 shares in the last quarter. Finally, Brookfield Asset Management Inc. acquired a new stake in Pebblebrook Hotel Trust during the fourth quarter valued at approximately $2,963,000.
Pebblebrook Hotel Trust (NYSE:PEB) traded up 2.41% on Friday, reaching $33.19. 644,866 shares of the company were exchanged. The stock has a 50 day moving average of $32.86 and a 200 day moving average of $30.47. The firm has a market capitalization of $2.29 billion, a PE ratio of 119.39 and a beta of 1.24. Pebblebrook Hotel Trust has a 12-month low of $23.56 and a 12-month high of $34.38.
Pebblebrook Hotel Trust (NYSE:PEB) last issued its earnings results on Thursday, July 27th. The real estate investment trust reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.08. The business had revenue of $205.72 million for the quarter, compared to the consensus estimate of $199.30 million. Pebblebrook Hotel Trust had a net margin of 5.09% and a return on equity of 2.56%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 earnings per share. Equities analysts anticipate that Pebblebrook Hotel Trust will post $0.94 EPS for the current year.
Pebblebrook Hotel Trust declared that its board has approved a stock buyback plan on Thursday, July 27th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.52 annualized dividend and a dividend yield of 4.58%. Pebblebrook Hotel Trust’s dividend payout ratio is currently 506.68%.
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Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Pebblebrook Hotel Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Stifel Nicolaus upped their price target on shares of Pebblebrook Hotel Trust from $30.00 to $31.50 and gave the company a “hold” rating in a research report on Wednesday, June 21st. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $35.00 target price (up previously from $32.00) on shares of Pebblebrook Hotel Trust in a research report on Wednesday, June 28th. Barclays PLC reiterated a “buy” rating and issued a $35.00 target price on shares of Pebblebrook Hotel Trust in a research report on Wednesday, June 28th. Finally, BidaskClub upgraded shares of Pebblebrook Hotel Trust from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.08.
Pebblebrook Hotel Trust Company Profile
Pebblebrook Hotel Trust is an internally managed hotel investment company. The Company is a real estate investment trust (REIT) that acquires and invests in hotel properties located primarily in cities of the United States. As of December 31, 2016, the Company owned 29 hotels with a total of 7,219 guest rooms.
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