State of New Jersey Common Pension Fund D Lowers Stock Position in Pebblebrook Hotel Trust (NYSE:PEB)

State of New Jersey Common Pension Fund D cut its position in shares of Pebblebrook Hotel Trust (NYSE:PEB) by 28.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 288,883 shares of the real estate investment trust’s stock after selling 115,499 shares during the period. State of New Jersey Common Pension Fund D owned 0.24% of Pebblebrook Hotel Trust worth $3,972,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in Pebblebrook Hotel Trust during the fourth quarter worth $64,000. Quest Partners LLC purchased a new stake in Pebblebrook Hotel Trust during the fourth quarter worth $157,000. Blue Trust Inc. boosted its holdings in Pebblebrook Hotel Trust by 707.8% during the second quarter. Blue Trust Inc. now owns 11,116 shares of the real estate investment trust’s stock worth $153,000 after buying an additional 9,740 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Pebblebrook Hotel Trust during the fourth quarter worth $266,000. Finally, Van ECK Associates Corp lifted its holdings in Pebblebrook Hotel Trust by 7.1% during the second quarter. Van ECK Associates Corp now owns 18,270 shares of the real estate investment trust’s stock valued at $251,000 after purchasing an additional 1,215 shares in the last quarter.

Insider Buying and Selling

In other news, CEO Jon E. Bortz acquired 66,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $11.98 per share, for a total transaction of $790,680.00. Following the completion of the transaction, the chief executive officer now owns 1,319,284 shares in the company, valued at $15,805,022.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Phillip M. Miller sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $13.29, for a total transaction of $46,515.00. Following the completion of the sale, the director now directly owns 13,098 shares in the company, valued at $174,072.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jon E. Bortz purchased 66,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $11.98 per share, with a total value of $790,680.00. Following the completion of the transaction, the chief executive officer now owns 1,319,284 shares of the company’s stock, valued at $15,805,022.32. The disclosure for this purchase can be found here. 2.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. StockNews.com downgraded shares of Pebblebrook Hotel Trust from a “hold” rating to a “sell” rating in a report on Monday. Truist Financial decreased their price objective on shares of Pebblebrook Hotel Trust from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Finally, Wells Fargo & Company decreased their price objective on shares of Pebblebrook Hotel Trust from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat.com, Pebblebrook Hotel Trust currently has a consensus rating of “Hold” and a consensus price target of $13.92.

Pebblebrook Hotel Trust Price Performance

Shares of NYSE PEB opened at $12.90 on Tuesday. The firm has a 50-day simple moving average of $13.03 and a 200-day simple moving average of $14.14. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.65, a price-to-earnings-growth ratio of 0.60 and a beta of 1.84. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.78. Pebblebrook Hotel Trust has a 52 week low of $11.39 and a 52 week high of $16.65.

Pebblebrook Hotel Trust (NYSE:PEB) last issued its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.42). The business had revenue of $397.11 million during the quarter, compared to analyst estimates of $396.29 million. Pebblebrook Hotel Trust had a negative net margin of 6.75% and a negative return on equity of 3.40%. Pebblebrook Hotel Trust’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.62 earnings per share. On average, equities analysts predict that Pebblebrook Hotel Trust will post 1.51 earnings per share for the current fiscal year.

Pebblebrook Hotel Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Monday, September 30th. Pebblebrook Hotel Trust’s payout ratio is currently -3.92%.

Pebblebrook Hotel Trust Company Profile

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust ("REIT") and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 47 hotels and resorts, totaling approximately 12,200 guest rooms across 13 urban and resort markets.