State of Alaska Department of Revenue reduced its holdings in shares of Pebblebrook Hotel Trust (NYSE:PEB) by 32.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,916 shares of the real estate investment trust’s stock after selling 16,644 shares during the quarter. State of Alaska Department of Revenue’s holdings in Pebblebrook Hotel Trust were worth $943,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd lifted its position in shares of Pebblebrook Hotel Trust by 266.7% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 1,100 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 800 shares during the last quarter. Dupont Capital Management Corp bought a new position in Pebblebrook Hotel Trust in the second quarter valued at about $37,000. Ladenburg Thalmann Financial Services Inc. raised its position in Pebblebrook Hotel Trust by 35.5% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,220 shares of the real estate investment trust’s stock valued at $91,000 after purchasing an additional 844 shares during the last quarter. Arden Trust Co bought a new position in Pebblebrook Hotel Trust in the second quarter valued at about $210,000. Finally, Commonwealth Equity Services LLC raised its position in Pebblebrook Hotel Trust by 23.2% in the second quarter. Commonwealth Equity Services LLC now owns 9,825 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 1,853 shares during the last quarter.
Several equities analysts have commented on the company. BTIG Research downgraded Pebblebrook Hotel Trust from a “buy” rating to a “neutral” rating in a research report on Thursday, August 15th. Capital One Financial assumed coverage on Pebblebrook Hotel Trust in a research report on Tuesday, June 25th. They issued an “overweight” rating and a $35.00 target price for the company. Bank of America downgraded Pebblebrook Hotel Trust from a “buy” rating to a “neutral” rating and dropped their target price for the company from $33.00 to $29.00 in a research report on Wednesday, July 17th. Wells Fargo & Co reiterated a “hold” rating on shares of Pebblebrook Hotel Trust in a research report on Tuesday, July 23rd. Finally, Zacks Investment Research upgraded Pebblebrook Hotel Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $34.60.
Pebblebrook Hotel Trust (NYSE:PEB) last issued its quarterly earnings results on Thursday, July 25th. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.02. The company had revenue of $442.08 million during the quarter, compared to analysts’ expectations of $435.37 million. Pebblebrook Hotel Trust had a negative return on equity of 0.10% and a negative net margin of 0.25%. The business’s quarterly revenue was up 114.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Equities research analysts predict that Pebblebrook Hotel Trust will post 2.65 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.38 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 5.69%. Pebblebrook Hotel Trust’s payout ratio is 62.04%.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (REIT) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 61 hotels, totaling approximately 14,600 guest rooms, located in 10 states and the District of Columbia, including: Del Mar, California; Los Angeles, California (Beverly Hills, Santa Monica and West Hollywood); San Diego, California; San Francisco, California; Santa Cruz, California; Washington, DC; Coral Gables, Florida; Key West, Florida; Naples, Florida; Buckhead, Georgia; Chicago, Illinois; Boston, Massachusetts; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Nashville, Tennessee; Columbia River Gorge, Washington; and Seattle, Washington.
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