Russell Investments Group Ltd. boosted its stake in shares of Pebblebrook Hotel Trust (NYSE:PEB) by 313.0% during the second quarter, Holdings Channel reports. The firm owned 422,291 shares of the real estate investment trust’s stock after buying an additional 320,034 shares during the period. Russell Investments Group Ltd.’s holdings in Pebblebrook Hotel Trust were worth $13,645,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of 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 period. Brookfield Asset Management Inc. increased its stake in shares of 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 period. Goldman Sachs Group Inc. increased its stake in shares of 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 period. Ameriprise Financial Inc. increased its stake in shares of Pebblebrook Hotel Trust by 177.6% in the first quarter. Ameriprise Financial Inc. now owns 471,311 shares of the real estate investment trust’s stock valued at $13,769,000 after buying an additional 301,525 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Pebblebrook Hotel Trust by 44.8% in the first quarter. Bank of America Corp DE now owns 970,763 shares of the real estate investment trust’s stock valued at $28,357,000 after buying an additional 300,495 shares during the period.

Pebblebrook Hotel Trust (NYSE:PEB) traded down 0.09% during trading on Friday, hitting $31.93. 340,403 shares of the stock were exchanged. The firm has a market capitalization of $2.20 billion, a PE ratio of 116.11 and a beta of 1.24. Pebblebrook Hotel Trust has a 12-month low of $23.56 and a 12-month high of $34.38. The stock has a 50 day moving average price of $32.83 and a 200-day moving average price of $30.69.

Pebblebrook Hotel Trust (NYSE:PEB) last issued its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. Pebblebrook Hotel Trust had a net margin of 5.09% and a return on equity of 2.59%. The firm had revenue of $205.72 million for the quarter, compared to analyst estimates of $199.30 million. During the same period in the previous year, the business earned $0.81 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that Pebblebrook Hotel Trust will post $1.03 earnings per share for the current fiscal year.

Pebblebrook Hotel Trust announced that its Board of Directors has initiated 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 repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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

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PEB has been the topic of several recent analyst reports. Royal Bank Of Canada reissued a “buy” rating and set a $33.00 target price on shares of Pebblebrook Hotel Trust in a research note on Friday, June 23rd. TheStreet raised shares of Pebblebrook Hotel Trust from a “c+” rating to a “b-” rating in a research note on Thursday, June 22nd. Boenning Scattergood reissued a “neutral” rating on shares of Pebblebrook Hotel Trust in a research note on Tuesday, April 18th. BidaskClub raised shares of Pebblebrook Hotel Trust from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Raymond James Financial, Inc. reissued an “outperform” rating and set a $35.00 target price (up from $32.00) on shares of Pebblebrook Hotel Trust in a research note on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Pebblebrook Hotel Trust currently has an average rating of “Hold” and a consensus price target of $31.92.

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

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