# Pebblebrook Hotel Trust (PEB)

> Source: Nexqual · https://nexqual.com/PEB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Pebblebrook Hotel Trust (PEB), nexqual.com/PEB" · informational, not investment advice.

**Price:** USD 20.67 (-2.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.1 · day 20.62–21.26 · 52w 9.99–21.26 · market cap $2.33B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.50B, net income -$46.6M (-3.1% margin), free cash flow $207M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $770K; 1 not under a Rule 10b5-1 plan ($770K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $1.7M; 0 by opportunistic insiders, 3 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (16 analysts), mean target USD 19.5 (range 15–22).
- Total return with dividends: 1Y +92.6% vs S&P 500 +14.9%; 5Y -4.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.02, revenue estimate $388M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $733M | $1.39B | $1.42B | $1.45B | $1.48B | $1.50B |
| Operating income | -$89.8M | $14.7M | $37.8M | $84.0M | $43.8M | $63.9M |
| Net income | -$185M | -$87.2M | -$78.0M | -$4.2M | -$65.8M | -$46.6M |
| EPS (diluted) | -$1.80 | -$0.95 | -$0.93 | -$0.39 | -$0.90 | — |
| Free cash flow | — | — | $35.6M | $146M | $152M | $207M |
| Operating margin | -12.2% | 1.1% | 2.7% | 5.8% | 3.0% | 4.3% |
| Net margin | -25.2% | -6.3% | -5.5% | -0.3% | -4.5% | -3.1% |
| Revenue growth | +65.5% | +89.9% | +2.0% | +2.3% | +1.5% | — |
| Cash + short-term investments | $58.5M | $41.0M | $184M | $207M | $184M | — |
| Total debt | $2.44B | $2.39B | $2.32B | $2.25B | $2.12B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/Sales 2.8x · P/FCF 11.3x · P/B 1.0x · FCF yield 8.87% · Earnings yield -2.00% · Dividend yield (paid, TTM) 0.20% · Buyback yield (TTM) 3.04% · Net debt $1.82B · EV $4.15B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Fisher Thomas Charles | Co-President, C Investmt Ofcr | 40,000 | $770K | 12.3% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $1.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12 | Bortz Jon E | Chairman and CEO | 20,000 | $364K | 18.18 | Routine (bought in Jun each year 2023–2025) |
| 2026-06-10…2026-06-11 | Bortz Jon E | Chairman and CEO | 40,000 | $699K | 17.48 | Routine (bought in Jun each year 2023–2025) |
| 2026-06-08…2026-06-09 | Bortz Jon E | Chairman and CEO | 40,000 | $679K | 16.96 | Routine (bought in Jun each year 2023–2025) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 16 analysts; mean target USD 19.5 (low 15, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Underweight | $14 → $15 |
| 2026-10-12 | Morgan Stanley | Target raised | Underweight | $13 → $14 |
| 2026-09-28 | Raymond James | Target raised | Outperform | $18 → $20 |
| 2026-08-27 | Barclays | Target lowered | Underweight | $15 → $14 |
| 2026-08-11 | Cantor Fitzgerald | Target raised | Neutral | $15 → $19 |
| 2026-07-31 | Ladenburg Thalmann | Target raised | Neutral | $19 → $21 |
| 2026-07-31 | Compass Point | Upgrade | Sell → Neutral | $19.5 |
| 2026-07-30 | Stifel | Target raised | Buy | $20.25 → $21.25 |
| 2026-07-28 | Evercore ISI Group | Target raised | In-Line | $17 → $20 |
| 2026-07-23 | Wells Fargo | Target raised | Equal-Weight | $16 → $19 |
| 2026-07-22 | Citigroup | Target raised | Neutral | $15 → $20 |
| 2026-07-21 | Barclays | Target raised | Underweight | $13 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +92.6% | -4.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +93.1% | -0.9% |
| Volatility (annualized) | 31.6% | 37.9% |
| Max drawdown | -12.2% (Feb 2026→Mar 2026) | -66.9% (Nov 2021→Mar 2025) |

## Peers (REIT - Hotel & Motel)
SHO (Sunstone Hotel Investors, Inc. ) USD 12.6 -0.08% · XHR (Xenia Hotels & Resorts, Inc.) USD 19.5 -0.66% · DRH (Diamondrock Hospitality Company) USD 13.89 -0.39% · RLJ (RLJ Lodging Trust) USD 12.14 -1.30% · PK (Park Hotels & Resorts Inc.) USD 16.66 -1.94% · APLE (Apple Hospitality REIT, Inc.) USD 18.16 +0.06%

## More
Full page: https://nexqual.com/PEB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PEB's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1474098/000147409826000015/peb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Pebblebrook Hotel | "Substantially all of the Company's assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (our "Operating Partnership")." |
| Competitor | Airbnb (ABNB) | "Additional sources of competition, such as alternative lodging marketplaces like Airbnb, may, as they become more accepted, lead to a reduced demand for conventional hotel guest rooms and to an increased supply of lodgin…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Room | $259.7M | 63.8% | +0.8% |
| Food and beverage | $102.6M | 25.2% | -3.2% |
| Other operating | $44.9M | 11.0% | +2.1% |
| Total revenue | $407.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| San Diego, CA | $91.3M | 22.4% | +5.3% |
| Boston, MA | $81.9M | 20.1% | +1.1% |
| Southern Florida/Georgia | $76.2M | 18.7% | +7.4% |
| Los Angeles, CA | $44.5M | 10.9% | -0.3% |
| San Francisco, CA | $41.0M | 10.1% | +9.8% |
| Other | $31.9M | 7.8% | -29.1% |
| Portland, OR | $21.7M | 5.3% | +0.4% |
| Washington, D.C. | $18.7M | 4.6% | -8.5% |
| Total revenue | $407.1M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Outlook, while Same-Property Total Expenses rose just 3.8%."
- "The Company also completed its property insurance renewal on June 1, 2026, securing a 27% premium reduction, or $6.1 million in annual savings, versus the prior year's program—a result that was better than anticipated."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $0.05 | -140.0% | $388.3M | 2 |
| Next quarter (ends 2026-12-31) | $-0.24 | $-0.17 | +44.1% | $343.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.28 | $-0.56 | -50.0% | $1.49B | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.27 | $-0.36 | -24.3% | $1.51B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±14.4%; last 8 reports averaged ±3.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.3% | ±14.4% |
| 2026-12-18 | 56 | 46.5% | ±14.8% |
| 2027-03-19 | 147 | 46.7% | ±23.5% |
| 2027-06-17 | 237 | 42.4% | ±26.9% |