Canopy Growth stock tumbles after announcing $200 million share sale plan
Jon E. Bortz, the Chairman and CEO of Pebblebrook Hotel Trust (NYSE:PEB), recently increased his stake in the company by purchasing additional common shares. According to a filing submitted to the Securities and Exchange Commission, Bortz acquired a total of 53,000 shares in two separate transactions. This insider buying comes at a time when InvestingPro analysis suggests the stock is trading below its Fair Value, with a price-to-book ratio of just 0.46x and a perfect Piotroski Score of 9, indicating strong financial health.
The acquisitions took place on March 21 and March 24, with Bortz purchasing 28,000 shares at a weighted average price of $10.11 and another 25,000 shares at a weighted average price of $10.45. The price range for these transactions was between $10.01 and $10.47 per share.
These purchases bring Bortz’s direct ownership in Pebblebrook Hotel Trust to a total of 1,467,110 shares. Additionally, Bortz holds 200,000 shares indirectly through his wife and 18,000 shares in 5.70% Series H Preferred Shares.
Furthermore, Bortz owns 516,131 LTIP Class B Units, representing restricted units of limited partnership interest in Pebblebrook Hotel, L.P. These units are part of the company’s 2009 Equity Incentive Plan and can be exchanged for common units or an equivalent amount of cash.
Pebblebrook Hotel Trust, headquartered in Bethesda, Maryland, is a real estate investment trust specializing in upscale, full-service hotels.
In other recent news, Pebblebrook Hotel Trust reported its fourth-quarter 2024 earnings, revealing a mixed financial performance. The company posted an earnings per share (EPS) of -0.51, missing analyst expectations of -0.38. However, revenue for the quarter was strong, reaching $337.6 million and surpassing the forecasted $324.03 million. This revenue boost was attributed to robust performance in resort properties, particularly in California, and the completion of a $525 million redevelopment program. Despite the EPS shortfall, Pebblebrook’s stock experienced a positive reaction, reflecting investor confidence in the company’s strategic outlook.
Additionally, Pebblebrook Hotel Trust completed a significant redevelopment program, enhancing its property portfolio’s value. The company also noted strong performance in its resort properties, with California resorts leading the way. Looking forward, Pebblebrook anticipates industry RevPAR growth of 1% to 3% in 2025, although it expects revenue impacts from Los Angeles wildfires in the first quarter. The company plans capital investments of $65-$75 million for the year. These developments highlight Pebblebrook’s ongoing efforts to enhance operational efficiencies and market share expansion.
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