King Street Capital Management L.P. Has $17.83 Million Stake in Pennsylvania Real Estate Investment Trust (PEI)

King Street Capital Management L.P. lifted its holdings in shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) by 240.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,700,000 shares of the real estate investment trust’s stock after acquiring an additional 1,200,000 shares during the period. Pennsylvania Real Estate Investment Trust makes up about 2.2% of King Street Capital Management L.P.’s investment portfolio, making the stock its 11th biggest position. King Street Capital Management L.P. owned 2.43% of Pennsylvania Real Estate Investment Trust worth $17,833,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. 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 valued at $133,000 after purchasing an additional 5,117 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Pennsylvania Real Estate Investment Trust during the 3rd quarter valued at about $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 valued at $165,000 after purchasing an additional 4,624 shares during the last quarter. Piedmont Investment Advisors LLC bought a new position in Pennsylvania Real Estate Investment Trust during the 2nd quarter valued at about $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 valued at $172,000 after purchasing an additional 1,818 shares during the last quarter. 98.97% of the stock is owned by institutional investors.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) traded up $0.12 on Tuesday, reaching $10.90. 1,367,000 shares of the company’s stock traded hands, compared to its average volume of 1,464,991. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.79. The firm has a market cap of $753.62, a PE ratio of 6.23 and a beta of 1.35. Pennsylvania Real Estate Investment Trust has a 52-week low of $9.32 and a 52-week high of $20.21.

Pennsylvania Real Estate Investment Trust (NYSE:PEI) last posted its quarterly earnings data 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 during 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 quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.48 EPS. sell-side analysts expect that Pennsylvania Real Estate Investment Trust will post 1.65 EPS for the current fiscal year.

The business also recently disclosed 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. This represents a $0.84 annualized dividend and a yield of 7.71%. The ex-dividend date is Thursday, November 30th. Pennsylvania Real Estate Investment Trust’s payout ratio is presently -67.74%.

PEI has been the subject of several analyst reports. Boenning Scattergood reissued a “hold” rating on shares of Pennsylvania Real Estate Investment Trust in a report on Friday, November 3rd. Stifel Nicolaus reissued a “hold” rating and set a $11.00 price target on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, October 12th. Barclays reissued a “sell” rating and set a $10.00 price target on shares of Pennsylvania Real Estate Investment Trust in a report on Thursday, October 19th. ValuEngine downgraded shares of Pennsylvania Real Estate Investment Trust from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Mitsubishi UFJ Financial Group downgraded shares of Pennsylvania Real Estate Investment Trust from an “overweight” rating to a “neutral” rating and cut their price target for the company from $16.00 to $12.00 in a report on Thursday, August 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $13.83.

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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).

Institutional Ownership by Quarter for Pennsylvania Real Estate Investment Trust (NYSE:PEI)

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