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) shares 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 changing hands.

Separately, UBS Group upped their price target on shares of Peakstone Realty Trust from $15.00 to $16.00 and gave the company 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, the company has a consensus rating of "Buy" and a consensus price target of $17.50.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC bought a new position in Peakstone Realty Trust during the 2nd quarter valued at $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Peakstone Realty Trust during the fourth quarter worth about $34,000. New Age Alpha Advisors LLC purchased a new position in shares of Peakstone Realty Trust during the first quarter worth about $35,000. Elevation Point Wealth Partners LLC purchased a new stake in Peakstone Realty Trust in the second quarter worth approximately $35,000. Finally, Ameriflex Group Inc. bought a new stake in Peakstone Realty Trust in the fourth quarter valued at approximately $36,000. Institutional investors own 38.98% of the company's stock.

Peakstone Realty Trust Stock Down 1.8%

The company has a quick ratio of 5.02, a current ratio of 5.02 and a debt-to-equity ratio of 1.61. The stock has a market cap of $490.74 million, a P/E ratio of -1.50 and a beta of 1.76. The company has a 50-day simple moving average of $13.27 and a two-hundred day simple moving average of $12.56.

Peakstone Realty Trust Cuts Dividend

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