Peregrine Capital Management LLC acquired a new position in Pebblebrook Hotel Trust (NYSE:PEB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 250,871 shares of the real estate investment trust’s stock, valued at approximately $8,088,000. Peregrine Capital Management LLC owned approximately 0.36% of Pebblebrook Hotel Trust at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in Pebblebrook Hotel Trust by 16.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,336 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 600 shares during the period. Ameritas Investment Partners Inc. bought a new position in Pebblebrook Hotel Trust during the first quarter valued at $180,000. Nisa Investment Advisors LLC increased its position in Pebblebrook Hotel Trust by 8.6% in the second quarter. Nisa Investment Advisors LLC now owns 6,410 shares of the real estate investment trust’s stock valued at $200,000 after buying an additional 510 shares during the period. GSA Capital Partners LLP bought a new position in Pebblebrook Hotel Trust during the fourth quarter valued at $214,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Pebblebrook Hotel Trust during the first quarter valued at $232,000.
Pebblebrook Hotel Trust (NYSE PEB) traded down 1.71% during mid-day trading on Friday, reaching $31.58. 483,975 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $32.69 and its 200 day moving average is $30.76. Pebblebrook Hotel Trust has a 1-year low of $23.56 and a 1-year high of $34.38. The stock has a market capitalization of $2.18 billion, a PE ratio of 114.84 and a beta of 1.24.
Pebblebrook Hotel Trust (NYSE:PEB) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The business had revenue of $205.72 million during the quarter, compared to analyst estimates of $199.30 million. Pebblebrook Hotel Trust had a net margin of 5.09% and a return on equity of 2.59%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.81 earnings per share. Analysts forecast that Pebblebrook Hotel Trust will post $1.07 earnings per share for the current fiscal year.
Pebblebrook Hotel Trust declared that its board has authorized a share repurchase plan on Thursday, July 27th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the real estate investment trust to reacquire up to 4.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
PEB has been the subject of several research analyst reports. Royal Bank Of Canada restated a “buy” rating and set a $33.00 price target on shares of Pebblebrook Hotel Trust in a research report on Friday, June 23rd. TheStreet upgraded shares of Pebblebrook Hotel Trust from a “c+” rating to a “b-” rating in a research report on Thursday, June 22nd. BidaskClub upgraded shares of Pebblebrook Hotel Trust from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Raymond James Financial, Inc. restated an “outperform” rating and set a $35.00 price target (up previously from $32.00) on shares of Pebblebrook Hotel Trust in a research report on Wednesday, June 28th. Finally, Barclays PLC restated a “buy” rating and set a $35.00 price target on shares of Pebblebrook Hotel Trust in a research report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Pebblebrook Hotel Trust currently has a consensus rating of “Hold” and an average target price of $31.92.
About Pebblebrook Hotel Trust
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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