Pebblebrook Hotel Trust (PEB) Lowered to Sell at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) cut shares of Pebblebrook Hotel Trust (NYSE:PEB) from a neutral rating to a sell rating in a research report released on Wednesday. They currently have $26.00 target price on the real estate investment trust’s stock, down from their prior target price of $27.00.
A number of other brokerages have also recently commented on PEB. BidaskClub cut Pebblebrook Hotel Trust from a hold rating to a sell rating in a report on Monday. Zacks Investment Research upgraded Pebblebrook Hotel Trust from a sell rating to a hold rating in a report on Tuesday. Stifel Nicolaus raised their target price on Pebblebrook Hotel Trust from $30.00 to $31.50 and gave the company a hold rating in a report on Wednesday, June 21st. Raymond James Financial, Inc. restated an outperform rating and set a $35.00 target price (up from $32.00) on shares of Pebblebrook Hotel Trust in a report on Wednesday, June 28th. Finally, Barclays PLC restated a buy rating and set a $35.00 target price on shares of Pebblebrook Hotel Trust in a report on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $31.92.
Pebblebrook Hotel Trust (NYSE PEB) traded down 0.67% during mid-day trading on Wednesday, hitting $32.72. The company had a trading volume of 357,005 shares. Pebblebrook Hotel Trust has a 52-week low of $23.56 and a 52-week high of $34.38. The company has a market capitalization of $2.26 billion, a P/E ratio of 112.83 and a beta of 1.24. The company has a 50-day moving average price of $32.94 and a 200 day moving average price of $30.56.
Pebblebrook Hotel Trust (NYSE:PEB) last announced its earnings results on Thursday, July 27th. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. Pebblebrook Hotel Trust had a return on equity of 2.59% and a net margin of 5.09%. The company had revenue of $205.72 million during the quarter, compared to analysts’ expectations of $199.30 million. During the same period last year, the business posted $0.81 EPS. Pebblebrook Hotel Trust’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts forecast that Pebblebrook Hotel Trust will post $0.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date was Wednesday, June 28th. Pebblebrook Hotel Trust’s dividend payout ratio is currently 506.68%.
Pebblebrook Hotel Trust announced that its board has initiated a share repurchase plan on Thursday, July 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to buy up to 4.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of large investors have recently bought and sold shares of PEB. Brookfield Asset Management Inc. raised its stake in Pebblebrook Hotel Trust by 3,466.2% in the first quarter. Brookfield Asset Management Inc. now owns 3,551,910 shares of the real estate investment trust’s stock worth $103,751,000 after buying an additional 3,452,310 shares in the last quarter. Pioneer Investment Management Inc. bought a new stake in Pebblebrook Hotel Trust during the first quarter worth about $1,602,000. Waratah Capital Advisors Ltd. raised its stake in Pebblebrook Hotel Trust by 212.5% in the first quarter. Waratah Capital Advisors Ltd. now owns 81,000 shares of the real estate investment trust’s stock worth $2,366,000 after buying an additional 55,084 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Pebblebrook Hotel Trust by 3.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,549 shares of the real estate investment trust’s stock worth $337,000 after buying an additional 350 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in Pebblebrook Hotel Trust during the first quarter worth about $261,000.
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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