PNC Financial Services Group Inc. increased its holdings in shares of Pebblebrook Hotel Trust (NYSE:PEB) by 119.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,574 shares of the real estate investment trust’s stock after acquiring an additional 1,399 shares during the period. PNC Financial Services Group Inc.’s holdings in Pebblebrook Hotel Trust were worth $72,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PEB. First Trust Advisors LP raised its position in Pebblebrook Hotel Trust by 20.1% during the 4th quarter. First Trust Advisors LP now owns 68,071 shares of the real estate investment trust’s stock valued at $1,927,000 after purchasing an additional 11,374 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Pebblebrook Hotel Trust by 500.6% in the 4th quarter. Prudential Financial Inc. now owns 87,495 shares of the real estate investment trust’s stock valued at $2,477,000 after acquiring an additional 72,926 shares during the period. Virginia Retirement Systems ET AL purchased a new position in shares of Pebblebrook Hotel Trust in the 4th quarter valued at $208,000. Westpac Banking Corp purchased a new position in shares of Pebblebrook Hotel Trust in the 4th quarter valued at $8,668,000. Finally, Oregon Public Employees Retirement Fund purchased a new position in shares of Pebblebrook Hotel Trust in the 4th quarter valued at $1,502,000.
PEB stock traded up $0.01 on Friday, hitting $31.04. 965,191 shares of the company’s stock were exchanged, compared to its average volume of 1,136,613. Pebblebrook Hotel Trust has a 12-month low of $26.59 and a 12-month high of $41.65. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.46 and a quick ratio of 0.46. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.34.
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.90%. The ex-dividend date of this dividend was Thursday, March 28th. This is an increase from Pebblebrook Hotel Trust’s previous quarterly dividend of $0.25. Pebblebrook Hotel Trust’s payout ratio is presently 62.04%.
PEB has been the topic of a number of analyst reports. Barclays reiterated a “buy” rating and issued a $38.00 price target on shares of Pebblebrook Hotel Trust in a report on Sunday, December 23rd. TheStreet downgraded Pebblebrook Hotel Trust from a “b-” rating to a “c” rating in a report on Wednesday, February 27th. ValuEngine upgraded Pebblebrook Hotel Trust from a “sell” rating to a “hold” rating in a report on Thursday, January 10th. Zacks Investment Research upgraded Pebblebrook Hotel Trust from a “sell” rating to a “hold” rating in a report on Thursday, February 21st. Finally, Citigroup initiated coverage on Pebblebrook Hotel Trust in a report on Thursday, March 28th. They issued a “neutral” rating and a $32.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $36.33.
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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 64 hotels, totaling approximately 15,400 guest rooms, located in 11 states and the District of Columbia, in the following markets: 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; Minneapolis, Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania; Nashville, Tennessee; Columbia River Gorge, Washington; and Seattle, Washington.
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