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Jon E. Bortz, the Chairman and CEO of Pebblebrook Hotel Trust (NYSE:PEB), has recently made significant purchases of the company's common shares, according to the latest filings with the Securities and Exchange Commission. Over two consecutive days, Bortz acquired a total of 30,000 shares, investing over $367,000 in the real estate investment trust.
On August 13, 2024, Bortz bought 22,000 shares at a weighted average price of $12.21, with individual transaction prices ranging from $11.99 to $12.33. The following day, he added another 8,000 shares to his holdings, this time at a higher weighted average price of $12.34, with prices spanning from $12.27 to $12.3971 per share.
The back-to-back purchases have increased Bortz's direct ownership in Pebblebrook Hotel Trust to 1,349,284 shares. Additionally, it's noted that Bortz's immediate family member, sharing his household, holds 200,000 shares, though Bortz disclaims beneficial ownership of these shares.
These transactions demonstrate a tangible commitment by the CEO to the company, potentially signaling his confidence in Pebblebrook's future performance. Investors often view insider buying as a positive indicator, as it may reflect an executive's belief in the company's value and prospects.
Pebblebrook Hotel Trust, headquartered in Bethesda, Maryland, is a publicly traded real estate investment trust (REIT) specializing in the acquisition and management of hotel properties. The company's portfolio includes urban and resort properties across major markets in the United States.
In other recent news, Pebblebrook Hotel Trust has reported a strong second quarter, with revenue per available room (RevPAR) and hotel earnings before interest, taxes, depreciation, and amortization (EBITDA) surpassing expectations. The company also saw a 1.7% rise in Q2 RevPAR and a 2.5% increase in total RevPAR, with adjusted funds from operations (FFO) exceeding forecasts. The company's redeveloped properties have gained more market share, contributing to improved cash flows. Despite caution regarding RevPAR growth in the latter half of the year due to a slowing average daily rate (ADR) and economic deceleration, Pebblebrook has raised its 2024 outlook for key financial metrics. The company also plans to invest $85-90 million in capital expenditures in 2023. With a strong balance sheet, $110 million in cash, and no significant debt maturities until October 2025, these are recent developments that indicate a positive trajectory for Pebblebrook.
InvestingPro Insights
As Pebblebrook Hotel Trust (NYSE:PEB) garners attention with insider buying from its CEO, Jon E. Bortz, current and potential investors may find InvestingPro data and tips particularly useful for a deeper analysis of the company's financial health and stock performance. According to InvestingPro, Pebblebrook's market capitalization stands at approximately $1.51 billion, reflecting the aggregate value of the company as determined by the stock market.
One notable InvestingPro Tip for Pebblebrook is the company's high shareholder yield, which could be attractive for investors seeking returns through a combination of dividends and share repurchases. Additionally, the REIT has been trading at a low revenue valuation multiple, suggesting that the market may be undervaluing the company's sales relative to its peers. This could indicate a potential opportunity for value investors.
Investors should be aware that analysts do not expect Pebblebrook to be profitable this year, which aligns with the reported negative price-to-earnings (P/E) ratio of -11.26. Despite this, Pebblebrook has maintained its dividend payments for 15 consecutive years, a testament to its commitment to shareholder returns. The dividend yield currently stands at 0.32%, with the last dividend having an ex-date of June 28, 2024.
The price of Pebblebrook's stock has seen significant volatility, with a 17.09% drop over the last three months and a 22.48% decrease year-to-date as of 2024. However, the company's commitment to dividends and the recent insider purchases may offer a silver lining for investors looking for long-term value.
For those interested in further insights, there are additional InvestingPro Tips available for Pebblebrook Hotel Trust at https://www.investing.com/pro/PEB, which can provide a more comprehensive understanding of the company's financial position and stock performance.
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