Pebblebrook Hotel Trust (PEB) Upgraded to Buy at Zacks Investment Research
Pebblebrook Hotel Trust (NYSE:PEB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $31.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price objective points to a potential upside of 12.93% from the company’s previous close.
According to Zacks, “Pebblebrook Hotel Trust is an internally managed hotel investment company organized to acquire and invest in hotel properties located primarily in large United States cities with an emphasis on the major coastal markets. The Company may invest in resort properties located near its primary urban target markets, as well as in select destination markets. Pebblebrook Hotel Trust focuses on hotel properties in the lodging industry. In addition, the Company may seek to acquire service properties in its primary urban target markets. “
A number of other research firms also recently weighed in on PEB. Wells Fargo & Co. downgraded Pebblebrook Hotel Trust from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 26th. Credit Suisse Group AG downgraded Pebblebrook Hotel Trust from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $29.00 in a research note on Thursday, July 21st. Barclays PLC set a $32.00 price target on Pebblebrook Hotel Trust and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Evercore ISI downgraded Pebblebrook Hotel Trust from a “buy” rating to a “hold” rating and upped their price target for the stock from $27.00 to $30.00 in a research note on Wednesday, July 20th. Finally, BTIG Research assumed coverage on Pebblebrook Hotel Trust in a research note on Thursday, August 25th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.67.
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Pebblebrook Hotel Trust (NYSE:PEB) opened at 27.45 on Thursday. The company has a market capitalization of $1.98 billion, a P/E ratio of 16.04 and a beta of 1.35. Pebblebrook Hotel Trust has a 52 week low of $20.51 and a 52 week high of $38.12. The stock’s 50 day moving average price is $27.59 and its 200 day moving average price is $27.59.
Pebblebrook Hotel Trust (NYSE:PEB) last posted its quarterly earnings results on Monday, July 25th. The real estate investment trust reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. Pebblebrook Hotel Trust had a return on equity of 8.47% and a net margin of 17.76%. The business had revenue of $212.27 million for the quarter, compared to the consensus estimate of $212.93 million. During the same period in the prior year, the business earned $0.72 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. Analysts anticipate that Pebblebrook Hotel Trust will post $2.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date is Wednesday, September 28th. Pebblebrook Hotel Trust’s payout ratio is 88.89%.
Several hedge funds have recently modified their holdings of PEB. Silvercrest Asset Management Group LLC increased its stake in shares of Pebblebrook Hotel Trust by 19.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 2,346,553 shares of the real estate investment trust’s stock worth $68,214,000 after buying an additional 388,199 shares during the last quarter. Aperio Group LLC purchased a new position in shares of Pebblebrook Hotel Trust during the first quarter valued at $377,000. AXA raised its position in shares of Pebblebrook Hotel Trust by 107.2% in the first quarter. AXA now owns 76,164 shares of the real estate investment trust’s stock valued at $2,214,000 after buying an additional 39,398 shares during the period. K.J. Harrison & Partners Inc raised its position in shares of Pebblebrook Hotel Trust by 20.0% in the second quarter. K.J. Harrison & Partners Inc now owns 60,000 shares of the real estate investment trust’s stock valued at $1,575,000 after buying an additional 10,000 shares during the period. Finally, M&T Bank Corp raised its position in shares of Pebblebrook Hotel Trust by 0.5% in the second quarter. M&T Bank Corp now owns 46,546 shares of the real estate investment trust’s stock valued at $1,222,000 after buying an additional 226 shares during the period.
Pebblebrook Hotel Trust Company Profile
Pebblebrook Hotel Trust is a hotel investment company. The Company operates as a real estate investment trust (REIT). The Company is organized to acquire and invest in hotel properties located primarily in cities of the United States. The Company has interests in approximately 40 hotels, including over 30 owned hotels with a total of approximately 7,410 guest rooms, and approximately 49% joint venture interest in over six hotels with a total of approximately 1,790 guest rooms.
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