Pennsylvania Real Estate Investment Trust (PEI) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) from a sell rating to a hold rating in a research note released on Saturday.

According to Zacks, “PENNSYLVANIA R.E. INVEST. TR. is a real estate investment trust, engaged in acquiring and holding for investment interests in real estate. “

Several other analysts have also issued reports on PEI. Stifel Nicolaus started coverage on Pennsylvania Real Estate Investment Trust in a research note on Friday, July 14th. They issued a hold rating and a $11.50 target price on the stock. BidaskClub upgraded Pennsylvania Real Estate Investment Trust from a sell rating to a hold rating in a research note on Monday, July 31st. Boenning Scattergood restated a hold rating on shares of Pennsylvania Real Estate Investment Trust in a research note on Thursday, August 10th. Citigroup Inc. lowered their target price on Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a neutral rating on the stock in a research note on Monday, August 14th. Finally, Barclays PLC lowered their target price on Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an underweight rating on the stock in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Pennsylvania Real Estate Investment Trust presently has a consensus rating of Hold and a consensus target price of $13.92.

Pennsylvania Real Estate Investment Trust (PEI) traded down 1.10% during midday trading on Friday, reaching $9.86. The company had a trading volume of 2,784,254 shares. Pennsylvania Real Estate Investment Trust has a 12-month low of $9.32 and a 12-month high of $20.58. The stock’s 50 day moving average is $10.44 and its 200 day moving average is $11.40. The firm’s market capitalization is $688.49 million.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last issued its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.02. The business had revenue of $89.25 million for the quarter, compared to analyst estimates of $95.60 million. Pennsylvania Real Estate Investment Trust had a negative return on equity of 9.06% and a negative net margin of 18.13%. Pennsylvania Real Estate Investment Trust’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the company posted $0.43 earnings per share. Equities research analysts expect that Pennsylvania Real Estate Investment Trust will post ($0.81) earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.21 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.84 annualized dividend and a dividend yield of 8.52%. Pennsylvania Real Estate Investment Trust’s payout ratio is presently -64.12%.

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in shares of Pennsylvania Real Estate Investment Trust by 16.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 920,121 shares of the real estate investment trust’s stock valued at $10,416,000 after purchasing an additional 131,067 shares during the period. Bank of America Corp DE raised its stake in shares of Pennsylvania Real Estate Investment Trust by 92.2% during the 1st quarter. Bank of America Corp DE now owns 530,229 shares of the real estate investment trust’s stock valued at $8,028,000 after purchasing an additional 254,310 shares during the period. Dupont Capital Management Corp raised its stake in shares of Pennsylvania Real Estate Investment Trust by 77.4% during the 2nd quarter. Dupont Capital Management Corp now owns 11,727 shares of the real estate investment trust’s stock valued at $133,000 after purchasing an additional 5,117 shares during the period. Westpac Banking Corp raised its stake in shares of Pennsylvania Real Estate Investment Trust by 34.6% during the 2nd quarter. Westpac Banking Corp now owns 305,422 shares of the real estate investment trust’s stock valued at $3,457,000 after purchasing an additional 78,462 shares during the period. Finally, King Street Capital Management L.P. bought a new stake in shares of Pennsylvania Real Estate Investment Trust during the 2nd quarter valued at $5,660,000. Institutional investors own 97.74% of the company’s stock.

Pennsylvania Real Estate Investment Trust Company Profile

Pennsylvania Real Estate Investment Trust (PREIT) is a self-managed and self-administered real estate investment trust (REIT). The Company’s primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates).

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