Pennsylvania Real Estate Investment Trust (PEI) Shares Up NaN Following Earnings Beat

Pennsylvania Real Estate Investment Trust (NYSE:PEI) shot up NaN during trading on Thursday following a stronger than expected earnings report. The company traded as high as $10.68 and last traded at $0.00. 2,824,311 shares traded hands during trading, an increase of Infinity from the average session volume of 0 shares. The real estate investment trust reported $0.42 EPS for the quarter, topping the consensus estimate of $0.41 by $0.01. Pennsylvania Real Estate Investment Trust had a negative net margin of 16.35% and a negative return on equity of 7.60%. The firm had revenue of $89.20 million for the quarter, compared to analyst estimates of $98.85 million. During the same period in the prior year, the business posted $0.48 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.84 annualized dividend and a dividend yield of 8.57%. Pennsylvania Real Estate Investment Trust’s dividend payout ratio is currently -67.74%.

Several brokerages have recently commented on PEI. Zacks Investment Research upgraded shares of Pennsylvania Real Estate Investment Trust from a “sell” rating to a “hold” rating in a report on Friday. Boenning Scattergood reiterated a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Friday. ValuEngine lowered shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Stifel Nicolaus initiated coverage on shares of Pennsylvania Real Estate Investment Trust in a report on Friday, July 14th. They set a “hold” rating and a $11.50 target price on the stock. Finally, Barclays PLC reduced their target price on shares of Pennsylvania Real Estate Investment Trust from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $13.92.

Institutional investors have recently added to or reduced their stakes in the business. Dupont Capital Management Corp lifted its holdings in 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 worth $133,000 after buying an additional 5,117 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Pennsylvania Real Estate Investment Trust during the 3rd quarter worth approximately $146,000. SG Americas Securities LLC lifted its holdings in Pennsylvania Real Estate Investment Trust by 46.3% during the 2nd quarter. SG Americas Securities LLC now owns 14,618 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 4,624 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Pennsylvania Real Estate Investment Trust during the 2nd quarter worth approximately $171,000. Finally, BlueCrest Capital Management Ltd lifted its holdings in Pennsylvania Real Estate Investment Trust by 13.6% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 15,152 shares of the real estate investment trust’s stock worth $172,000 after buying an additional 1,818 shares in the last quarter. Institutional investors own 98.97% of the company’s stock.

The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.74 and a current ratio of 1.91. The firm has a market capitalization of $741.73 million, a price-to-earnings ratio of 6.13 and a beta of 1.29.

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About Pennsylvania Real Estate Investment Trust

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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