Peakstone Realty Trust (NYSE:PKST) Shares Gap Up Following Analyst Upgrade

Key Points

• Peakstone Realty Trust shares experienced a significant increase after Truist Financial upgraded their rating from hold to buy, with a new price target of $19.00.
• UBS Group also upgraded their price target from $15.00 to $16.00 while maintaining a buy rating for the stock.
• The company announced a quarterly dividend of $0.10 per share, translating to an annualized yield of 3.0%, set to be paid on October 17th.

Peakstone Realty Trust (NYSE:PKST - Get Free Report)'s stock price gapped up prior to trading on Wednesday after Truist Financial upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $12.53, but opened at $13.26. Truist Financial now has a $19.00 price target on the stock, up from their previous price target of $16.00. Peakstone Realty Trust shares last traded at $13.51, with a volume of 71,801 shares trading hands.

Separately, UBS Group boosted their target price on shares of Peakstone Realty Trust from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, August 15th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Peakstone Realty Trust presently has an average rating of "Buy" and an average price target of $17.50.

Institutional Trading of Peakstone Realty Trust

Large investors have recently added to or reduced their stakes in the company. Aurora Private Wealth Inc. acquired a new stake in Peakstone Realty Trust in the first quarter valued at $242,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in Peakstone Realty Trust by 21.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 44,996 shares of the company's stock valued at $567,000 after buying an additional 8,000 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Peakstone Realty Trust in the 1st quarter valued at about $129,000. GAMMA Investing LLC boosted its stake in shares of Peakstone Realty Trust by 274.9% in the 1st quarter. GAMMA Investing LLC now owns 5,949 shares of the company's stock valued at $75,000 after purchasing an additional 4,362 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in shares of Peakstone Realty Trust by 200.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 45,336 shares of the company's stock valued at $502,000 after purchasing an additional 30,235 shares in the last quarter. Institutional investors and hedge funds own 38.98% of the company's stock.

Peakstone Realty Trust Trading Up 7.4%

The business's 50 day moving average price is $13.25 and its two-hundred day moving average price is $12.49. The company has a current ratio of 5.02, a quick ratio of 5.02 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $495.19 million, a price-to-earnings ratio of -1.52 and a beta of 1.76.

Peakstone Realty Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Peakstone Realty Trust's payout ratio is presently -10.12%.

About Peakstone Realty Trust

Peakstone Realty Trust NYSE: PKST is an internally managed, real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations.

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