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

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 Friday morning.

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. “

PEI has been the topic of several other research reports. Barclays PLC reissued a sell rating and set a $10.00 price target on shares of Pennsylvania Real Estate Investment Trust in a research report on Thursday, October 19th. ValuEngine cut shares of Pennsylvania Real Estate Investment Trust from a buy rating to a hold rating in a research report on Friday, September 1st. Stifel Nicolaus assumed coverage on shares of Pennsylvania Real Estate Investment Trust in a research report on Friday, July 14th. They set a hold rating and a $11.50 price target on the stock. Boenning Scattergood reissued a hold rating on shares of Pennsylvania Real Estate Investment Trust in a research report on Thursday, August 10th. Finally, Citigroup Inc. decreased their target price on shares of Pennsylvania Real Estate Investment Trust from $13.50 to $12.50 and set a neutral rating on the stock in a research report on Monday, August 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $13.92.

Shares of Pennsylvania Real Estate Investment Trust (NYSE PEI) traded down $0.81 during mid-day trading on Friday, hitting $9.80. 4,110,000 shares of the stock traded hands, compared to its average volume of 1,592,032. 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 cap of $685.11, a PE ratio of 5.66 and a beta of 1.29. Pennsylvania Real Estate Investment Trust has a 1 year low of $9.32 and a 1 year high of $20.58.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last announced its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.01. The firm had revenue of $89.20 million for the quarter, compared to analysts’ expectations of $98.85 million. Pennsylvania Real Estate Investment Trust had a negative net margin of 16.35% and a negative return on equity of 7.60%. The company’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS. analysts expect that Pennsylvania Real Estate Investment Trust will post 1.65 EPS for the current fiscal year.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Pennsylvania Real Estate Investment Trust by 1.2% in the second quarter. Vanguard Group Inc. now owns 11,487,090 shares of the real estate investment trust’s stock valued at $130,033,000 after buying an additional 130,986 shares during the last quarter. BlackRock Inc. lifted its position in Pennsylvania Real Estate Investment Trust by 1.6% in the second quarter. BlackRock Inc. now owns 10,389,468 shares of the real estate investment trust’s stock valued at $117,609,000 after buying an additional 159,545 shares during the last quarter. State Street Corp lifted its position in Pennsylvania Real Estate Investment Trust by 2.3% in the second quarter. State Street Corp now owns 2,683,266 shares of the real estate investment trust’s stock valued at $30,370,000 after buying an additional 60,384 shares during the last quarter. Northern Trust Corp lifted its position in Pennsylvania Real Estate Investment Trust by 2.8% in the second quarter. Northern Trust Corp now owns 2,232,312 shares of the real estate investment trust’s stock valued at $25,270,000 after buying an additional 61,797 shares during the last quarter. Finally, Balyasny Asset Management LLC lifted its position in Pennsylvania Real Estate Investment Trust by 66.4% in the second quarter. Balyasny Asset Management LLC now owns 1,561,440 shares of the real estate investment trust’s stock valued at $17,676,000 after buying an additional 623,301 shares during the last quarter. 98.97% of the stock is currently owned by institutional investors.

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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