State of New Jersey Common Pension Fund D cut its stake in Pebblebrook Hotel Trust (NYSE:PEB) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 361,500 shares of the real estate investment trust’s stock after selling 10,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Pebblebrook Hotel Trust were worth $11,655,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Pebblebrook Hotel Trust by 2.4% in the first quarter. Vanguard Group Inc. now owns 11,248,351 shares of the real estate investment trust’s stock valued at $328,563,000 after buying an additional 258,683 shares during the last quarter. BlackRock Inc. boosted its stake in Pebblebrook Hotel Trust by 4,493.2% in the first quarter. BlackRock Inc. now owns 7,499,473 shares of the real estate investment trust’s stock valued at $219,060,000 after buying an additional 7,336,199 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Pebblebrook Hotel Trust by 10.0% in the first quarter. Goldman Sachs Group Inc. now owns 6,476,191 shares of the real estate investment trust’s stock valued at $189,169,000 after buying an additional 586,816 shares during the last quarter. Brookfield Asset Management Inc. boosted 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 valued at $103,751,000 after buying an additional 3,452,310 shares during the last quarter. Finally, State Street Corp boosted its stake in Pebblebrook Hotel Trust by 0.7% in the first quarter. State Street Corp now owns 2,366,944 shares of the real estate investment trust’s stock valued at $69,136,000 after buying an additional 16,505 shares during the last quarter.

Pebblebrook Hotel Trust (NYSE:PEB) opened at 31.96 on Thursday. The stock’s 50 day moving average price is $32.87 and its 200 day moving average price is $30.68. The firm has a market capitalization of $2.20 billion, a PE ratio of 116.22 and a beta of 1.24. Pebblebrook Hotel Trust has a one year low of $23.56 and a one year high of $34.38.

Pebblebrook Hotel Trust (NYSE:PEB) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. The business had revenue of $205.72 million for 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 quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. Analysts expect that Pebblebrook Hotel Trust will post $1.03 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.52 annualized dividend and a dividend yield of 4.76%. Pebblebrook Hotel Trust’s dividend payout ratio is presently 506.68%.

Pebblebrook Hotel Trust announced that its board has approved a stock repurchase plan on Thursday, July 27th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to purchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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PEB has been the topic of several research analyst reports. Raymond James Financial, Inc. reiterated an “outperform” rating and issued a $35.00 price objective (up from $32.00) on shares of Pebblebrook Hotel Trust in a report on Wednesday, June 28th. ValuEngine upgraded Pebblebrook Hotel Trust from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Boenning Scattergood reiterated a “neutral” rating on shares of Pebblebrook Hotel Trust in a report on Wednesday, April 12th. Zacks Investment Research upgraded Pebblebrook Hotel Trust from a “sell” rating to a “hold” rating in a report on Saturday, April 29th. Finally, BidaskClub cut Pebblebrook Hotel Trust from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $31.92.

Pebblebrook Hotel Trust Company Profile

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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Institutional Ownership by Quarter for Pebblebrook Hotel Trust (NYSE:PEB)

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