Assetmark Inc. Trims Stake in Pebblebrook Hotel Trust (NYSE:PEB)

Assetmark Inc. lowered its stake in shares of Pebblebrook Hotel Trust (NYSE:PEB) by 34.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,710 shares of the real estate investment trust’s stock after selling 6,793 shares during the quarter. Assetmark Inc.’s holdings in Pebblebrook Hotel Trust were worth $168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of PEB. Quarry LP increased its position in shares of Pebblebrook Hotel Trust by 2,376.9% during the second quarter. Quarry LP now owns 4,508 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 4,326 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Pebblebrook Hotel Trust by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,677 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 1,212 shares during the period. Blue Trust Inc. increased its position in shares of 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 valued at $153,000 after buying an additional 9,740 shares during the period. Algert Global LLC purchased a new stake in Pebblebrook Hotel Trust in the second quarter worth about $167,000. Finally, Van ECK Associates Corp grew its holdings in Pebblebrook Hotel Trust by 12.3% in the third quarter. Van ECK Associates Corp now owns 20,523 shares of the real estate investment trust’s stock worth $247,000 after purchasing an additional 2,253 shares during the period.

Wall Street Analyst Weigh In

PEB has been the topic of a number of recent research reports. Wells Fargo & Company cut 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, September 13th. StockNews.com cut shares of Pebblebrook Hotel Trust from a “hold” rating to a “sell” rating in a report on Tuesday, October 22nd. Robert W. Baird cut their price objective on shares of Pebblebrook Hotel Trust from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Finally, Truist Financial cut their price objective on shares of Pebblebrook Hotel Trust from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.30.

Insider Activity at Pebblebrook Hotel Trust

In related news, CEO Jon E. Bortz sold 11,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $21.37, for a total transaction of $235,070.00. Following the transaction, the chief executive officer now owns 1,349,284 shares in the company, valued at $28,834,199.08. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by insiders.

Pebblebrook Hotel Trust Trading Down 0.8 %

NYSE:PEB opened at $12.19 on Monday. The company’s 50 day moving average price is $12.85 and its 200-day moving average price is $13.34. Pebblebrook Hotel Trust has a 52 week low of $11.65 and a 52 week high of $16.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -42.03, a PEG ratio of 0.58 and a beta of 1.85.

Pebblebrook Hotel Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend was Monday, September 30th. Pebblebrook Hotel Trust’s payout ratio is -13.79%.

About Pebblebrook Hotel Trust

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.